23(1)Chapter 19 of Part 9A (CFCs: assumed taxable total profits, assumed total profits and the corporation tax assumptions) is amended as follows.U.K.
(2)In section 371SL (group relief etc), at the end insert—
“(4)This section is subject to section 371SLA (corporate interest restriction).”
(3)After section 371SL insert—
“371SLACorporate interest restriction
(1)This section applies for the purpose of applying Part 10 (corporate interest restriction).
(2)Assume—
(a)that the CFC is a member of a worldwide group for a period of account of which it would be a member if section 371SL were ignored, and
(b)that the CFC is the only UK group company in the period (within the meaning of that Part).
(3)Assume also that Part 10 applies as if subsections (2) and (3) of section 392 (interest capacity of the group: the de minimis amount) were omitted.”