Schedules

Schedule 3Corporate interest restriction etc.

Part 1Amendments to TIOPA 2010

3First period of account where new holding company

In section 395A (carry forward of interest allowance: new holding company), for subsection (3) substitute—

3

For the purposes of this Chapter and Chapter 5—

a

so far as it would not otherwise be the case—

i

the first period of account of the new group is treated as beginning with the day on which the qualifying takeover occurs (the “takeover day”), and

ii

the last period of account of the old group is treated as ending on the day before the takeover day;

b

the interest allowance of the new group is determined as if periods of account of the old group which ended before the beginning of the first period of account of the new group were periods of account of the new group.