SCHEDULES

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

PART 3Commencement and transitional provisions

50Transitional provisions

1

This paragraph applies if—

a

a company enters into an arrangement of a kind mentioned in paragraph 49(1),

b

the arrangements are effected by taking only ordinary commercial steps in accordance with a generally prevailing commercial practice,

c

the tax advantage that the arrangements secure is the benefit of a relief expressly conferred by Part 10 of TIOPA 2010 (corporate interest restriction), and

d

securing that tax advantage is wholly consistent with the policy objectives of that Part.

2

If the arrangement is entered into on or after 29 October 2018, the tax advantage is not to be counteracted by means of adjustments under paragraph 49.

3

In addition, the tax advantage is not to be counteracted by means of adjustments under section 461 of TIOPA 2010 irrespective of the date on which the arrangement was entered into.