SCHEDULES
SCHEDULE 11Corporate interest restriction
6Adjusted net group-interest expense: capitalised interest
1
Section 413 (adjusted net group-interest expense) is amended as follows.
2
In subsection (3)—
a
in paragraph (a), for “an asset or liability” substitute “a non-financial asset or non-financial liability”, and
b
in paragraph (b), after “an amount that” insert “, in the case of a non-financial asset,”.
3
In subsection (4)—
a
in paragraph (a), for “an asset or liability” substitute “a non-financial asset or non-financial liability”, and
b
in paragraph (b), after “an amount that” insert “, in the case of a non-financial asset,”.
4
For subsection (5) substitute—
5
For the purposes of subsections (3)(a) and (b) and (4)(a) and (b)—
a
an asset is a “non-financial asset” if it is not a financial asset for accounting purposes or it is a share in a company,
b
a liability is a “non-financial liability” if it is not a financial liability for accounting purposes or it is in respect of a share issued by a company, and
c
references to amounts brought into account in determining the carrying value of a non-financial asset or non-financial liability do not include amounts so brought into account as a result of writing off any part of an amount which was itself so brought into account;
and in paragraphs (a) and (b) “share” has the meaning given by section 476(1) of CTA 2009.