SCHEDULES

SCHEDULE 20Taxation of hybrid capital instruments

PART 2Corporation tax, income tax and capital gains tax

8Consequential amendments

1

Part 10 of TIOPA 2010 (corporate interest restriction) is amended as follows.

2

In section 413(6) (adjusted net group-interest expense: “relevant enactment”) for paragraph (b) substitute—

b

section 320B of CTA 2009 (hybrid capital instruments: amounts recognised in equity).

3

In section 415 (qualifying net group-interest expense: interpretation), omit subsection (8).