Introduction
260
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Taxation (International and Other Provisions) Act 2010 Part 7 — Tax treatment of financing costs and income
CHAPTER 1 — Introduction
CHAPTER 2 — Application of Part
Application of Part
261
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UK net debt of worldwide group for period of account of worldwide group
262
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Net debt of a company
263
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Worldwide gross debt of worldwide group for period of account of the group
264
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References to amounts disclosed in balance sheet of a company
265
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Different accounting treatment used at company and group levels
265A
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Qualifying financial services groups
266
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Qualifying activities
267
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Lending activities and activities ancillary to lending activities
268
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Insurance activities and insurance-related activities
269
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Relevant dealing in financial instruments
270
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UK trading income of the worldwide group
271
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Worldwide trading income of the worldwide group
272
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Foreign currency accounting
273
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Meaning of “group securitisation company”
273A
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CHAPTER 3 — Disallowance of deductions
Application of Chapter and meaning of “total disallowed amount”
274
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Meaning of “company to which this Chapter applies”
275
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Meaning of “dual resident investing company”
275A
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Appointment of authorised company for relevant period of account
276
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Meaning of “the reporting body”
277
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Statement of allocated disallowances: submission
278
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Statement of allocated disallowances: submission of revised statement
279
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Statement of allocated disallowances: requirements
280
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Statement of allocated disallowances: dual resident investing companies
280A
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Statement of allocated disallowances: effect
281
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Company tax returns
282
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Power to make regulations about statement of allocated disallowances
283
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Failure of reporting body to submit statement of allocated disallowances
284
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Section 284: supplementary
284A
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Powers to make regulations in relation to reductions under section 284
285
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CHAPTER 4 — Exemption of financing income
Application of Chapter and meaning of “total disallowed amount”
286
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Meaning of “company to which this Chapter applies”
287
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Appointment of authorised company for relevant period of account
288
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Meaning of “the reporting body”
289
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Statement of allocated exemptions: submission
290
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Statement of allocated exemptions: submission of revised statement
291
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Statement of allocated exemptions: requirements
292
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Statement of allocated exemptions: effect
293
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Company tax returns
294
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Power to make regulations about statement of allocated exemptions
295
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Failure of reporting body to submit statement of allocated exemptions
296
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Power to make regulations in relation to reductions under section 296
297
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Balancing payments between group companies: no tax charge or relief
298
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Application of Chapter to financing income amounts determined under section 314A
298A
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CHAPTER 5 — Intra-group financing income where payer denied deduction
Tax exemption for certain financing income received from EEA companies
299
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Meaning of “relevant associate”
300
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Meaning of “tax-resident” and “EEA territory”
301
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Qualifying EEA tax relief for payment in current or previous period
302
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Qualifying EEA tax relief for payment in future period
303
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References to tax of a territory
304
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Financing income amounts of a company
305
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CHAPTER 6 — Tax avoidance
Schemes preventing this Part applying to a large group
305A
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Schemes involving manipulation of rules in Chapter 2
306
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Schemes involving manipulation of rules in Chapters 3 and 4
307
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Meaning of “relevant net deduction”
308
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Calculation of amounts
309
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Meaning of “carried-back amount” and “carried-forward amount”
310
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Schemes involving manipulation of rules in Chapter 5
311
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Meaning of “scheme” and “excluded scheme”
312
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CHAPTER 7 — “Financing expense amount” and “financing income amount”
The financing expense amounts of a company
313
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The financing income amounts of a company
314
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The financing income amounts of a chargeable company under Part 9A
314A
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Interpretation of sections 313 and 314
315
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Group treasury companies
316
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Real estate investment trusts
317
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Companies with permanent establishments profits election
317A
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Companies engaged in oil extraction activities
318
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Industrial and provident societies
318A
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Intra-group short-term finance: financing expense
319
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Intra-group short-term finance: financing income
320
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Short-term loan relationships
321
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Stranded deficits in non-trading loan relationships: financing expense
322
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Stranded deficits in non-trading loan relationships: financing income
323
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Stranded management expenses in non-trading loan relationships: financing expense
324
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Stranded management expenses in non-trading loan relationships: financing income
325
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Charities
326
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Educational and public bodies
327
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Interpretation of sections 316 to 327
328
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CHAPTER 8 — “Tested expense amount” and “tested income amount”
The tested expense amount
329
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The tested income amount
330
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Companies with net financing deduction or net financing income that is small
331
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Mismatches between tax treatment and accounting treatment
331A
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Elections disapplying sections 329(5) and 330(5)
331ZA
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CHAPTER 9 — “Available amount”
The available amount
332
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Groups containing securitisation companies
332A
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Partnerships: expenses of borrowing
332B
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Partnerships: other expenses
332C
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Change of accounting standards: investment entities
332AA
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Group members with income from oil extraction subject to particular tax treatment in UK
333
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Group members with income from shipping subject to particular tax treatment in UK
334
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Group members with income from property rental subject to particular tax treatment in UK
335
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Meaning of accounting expressions used in this Chapter
336
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Mismatches between tax treatment and accounting treatment
336A
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CHAPTER 10 — Other interpretative and supplementary provisions
The worldwide group
337
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Meaning of “group”
338
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Meaning of “ultimate parent”
339
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Meaning of “corporate entity”
340
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Meaning of “relevant non-corporate entity”
341
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Treatment of entities stapled to corporate, or relevant non-corporate, entities
342
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Treatment of business combinations
343
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Meaning of “ large ” in relation to a group
344
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Meaning of “UK group company” and “relevant group company”
345
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Financial statements of the worldwide group
346
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Non-compliant financial statements of the worldwide group
347
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Non-existent financial statements of the worldwide group
348
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Financial statements: business combinations to which the worldwide group is a party
348A
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References to amounts disclosed in financial statements
349
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Translation of amounts disclosed in financial statements
350
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Expressions taking their meaning from international accounting standards
351
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Meaning of “relevant accounting period”
352
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Other expressions
353
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Effect of Part on parties to capital market arrangements
353A
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Regulations and orders
353B
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Power to make regulations where accounting standards change
353AA
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Back to Taxation (International and Other Provisions) Act 2010 — full text
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