Schedules

Schedule 3Corporate interest restriction etc.

Part 1Amendments to TIOPA 2010

18Investments held by investment managers

1

Section 454A (investments held by investment managers) is amended as follows.

2

In subsection (1)(a), for “is a member of a worldwide group” substitute “would, apart from this section, be a member of a worldwide group”.

3

After subsection (1) insert—

1A

Except in a case within subsection (2), for the purposes of this Part—

a

the group does not include S (or its subsidiaries), and

b

accordingly, none of those entities is regarded as a consolidated subsidiary of any member of the group.

4

In subsection (2), for “For the purposes of this Part” substitute “Where S is a partnership or another transparent entity, for the purposes of this Part”.