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(1)This section applies if, apart from this section, an amount (“the relevant amount”) is a financing expense amount of a company (“company A”) because of meeting condition A in section 313.
(2)The relevant amount is treated as not being a financing expense amount of company A, but only if an election is made for this purpose.
(3)Such an election may not be made unless conditions 1 and 2 are met.
(4)Condition 1 is that company A and the other party to the loan relationship (“company B”) are both members of the worldwide group.
(5)Condition 2 is that the finance arrangement is a short-term loan relationship as respects the period of account of the worldwide group.
(6)An election under this section may only be made—
(a)jointly by company A and company B, and
(b)within 36 months of the end of the period of account of the worldwide group to which the relevant amount relates.
(7)An election under this section is irrevocable.
(8)In this section “short-term loan relationship” has the meaning given in section 321.
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