SCHEDULES

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

PART 2Supplementary & Consequential amendments

34TIOPA 2010

In section 438 (exemption for interest payable to third parties etc) after subsection (5) insert—

5A

For the purposes of subsection (4) a guarantee, indemnity or other financial assistance in favour of the creditor is also ignored if—

a

it is provided before 29 October 2018,

b

the company concerned has not been UK resident at any time before that date, and

c

the amount concerned 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.