PART 1PRELIMINARY PROVISIONS AND INTERPRETATION
Citation, commencement and effect1
1
These Regulations may be cited as the Corporation Tax (Financing Costs and Income) Regulations 2009 and, subject to paragraph (2), shall come into force on 1st January 2010.
2
Circumstance 4 in regulations 13(2) and 28(2) come into force on 1st April 2010.
3
These Regulations have effect in relation to periods of account beginning on or after 1st January 2010.
Introduction and structure of Regulations2
1
These Regulations make provision about the treatment for the purposes of corporation tax of certain financing costs and certain financing income of companies that are members of a group.
2
The structure of these Regulations is as follows—
Part 1 makes provision in relation to general and preliminary matters;
Part 2 makes provision in relation to the disallowance of deductions;
Part 3 makes provision in relation to the exemption of financing income.
Interpretation3
1
For the purposes of these Regulations—
a
“Schedule 15” means Schedule 15 of the Finance Act 2009 (tax treatment of financing costs and income);
b
a company is an “immediate parent” of another company if it directly owns more than 50% of the ordinary share capital of that other company;
c
a company is an “ultimate UK parent” in relation to a group if it—
i
is a member of the group,
ii
is a corporate entity,
iii
is not a subsidiary (whether direct or indirect) of a corporate entity resident in the United Kingdom,
iv
is not a collective investment scheme, and
v
is a company to which Part 3 and Part 4 of Schedule 15 apply.
2
In this regulation, “collective investment scheme” has the meaning given by paragraph 80(2) of Schedule 15.