[402 Effect of group ratio (blended) election on group ratio debt cap]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[402  Effect of group ratio (blended) election on group ratio debt cap]

[(1)     Where a group ratio (blended) election (see paragraph 14 of Schedule 7A) has effect in relation to a period of account of a worldwide group (“the relevant period of account”), this Chapter applies subject to this section.

(2)     In section 400 (the debt cap), subsection (2)(a) is treated as if—

(a)     it did not refer to the qualifying net group-interest expense of the group for the period, and

(b)     instead it referred to the blended net group-interest expense of the group for the period, as determined in accordance with this section.

(3)     The blended net group-interest expense of the group for the relevant period of account is determined by taking the following steps—

Step 1
For each investor in the group whose applicable percentage for the purposes of section

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