Part 1 Main Provisions
Finance Act 2016 (2016 c 24) | Legislation

SCHEDULE 10 Hybrid and other Mismatches

Section 66

Part 1 Main Provisions

1

In TIOPA 2010, after Part 6 insert—

“Part 6A
Hybrid and Other Mismatches
Chapter 1
Introduction
259A Overview of Part

(1)     This Part has effect for the purposes of counteracting certain cases that it is reasonable to suppose would otherwise give rise to—

(a)     a deduction/non-inclusion mismatch, or

(b)     a double deduction mismatch.

(2)     A deduction/non-inclusion mismatch arises where an amount is deductible from a person's income—

(a)     without a corresponding amount of ordinary income arising to another person, or

(b)     where an amount of ordinary income does arise to a person but is under taxed.

(3)     A double deduction mismatch arises where—

(a)     an amount is deductible from more than one person's income, or

(b)     an amount is deductible from a person's income for the purposes of more than one tax.

(4)     The cases with which this Part is concerned involve—

(a)     payments or quasi-payments under or in connection with financial instruments or repos, stock lending arrangements or other transfers of financial instruments,

(b)     hybrid entities,

(c)     companies with permanent establishments, or

(d)     dual resident companies.

(5)     This Part counteracts mismatches

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