SCHEDULES

SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

PART 2Supplementary & Consequential amendments

33TIOPA 2010

1

Section 415 (qualifying net group-interest expense: interpretation) is amended as follows.

2

In subsection (1) for paragraph (b) substitute—

b

either—

i

the condition in subsection (1A) is met, or

ii

any of the conditions in subsection (2) is met in relation to the guarantee, indemnity or other financial assistance in question”.

3

After subsection (1) insert—

1A

The condition is that—

a

the member in question is a company that has not been UK resident at any time before 29 October 2018,

b

the financial assistance in question is provided before that date, and

c

the financial assistance in question is in respect of a loan relationship, derivative contract or relevant arrangement or transaction (within the meaning of section 382(4)) to which the member in question is a party for the purposes of its UK property business.