[372 Overview]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[Part 10 Corporate Interest Restriction]

[Chapter 1
Introduction]

[372 听翱惫别谤惫颈别飞闭

[(1)聽聽聽聽 This Part contains provision that鈥

(a)聽聽聽聽 disallows certain amounts that a company would (apart from this Part) be entitled to bring into account for the purposes of corporation tax in respect of interest and other financing costs, and

(b)聽聽聽聽 allows certain amounts disallowed under this Part in previous accounting periods to be brought into account in later accounting periods.

(2)聽聽聽聽 In this Chapter鈥

(a)聽聽聽聽 section 373 defines some key concepts including, in particular, 鈥渢he total disallowed amount鈥 in relation to a period of account of a worldwide group, and

(b)聽聽聽聽 section 374 provides for Schedule 7A to have effect.

(3)聽聽聽聽 Chapter 2 provides for鈥

(a)聽聽聽聽 the disallowance in certain circumstances of tax-interest expense amounts of companies that are members of a worldwide group, and

(b)聽聽聽聽 the carrying forward of disallowed tax-interest expense amounts, and for bringing those amounts into account in certain circumstances in relation to a later period of account of the worldwide

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