Schedules

Schedule 3Corporate interest restriction etc.

Part 1Amendments to TIOPA 2010

4First period of account where new holding company

In section 400A (carry forward of excess debt cap: new holding company), in subsection (3)—

a

for “the group’s fixed ratio debt cap” substitute “the new group’s fixed ratio debt cap”;

b

for “ending immediately before the qualifying takeover” substitute “ending on the day before the takeover day (see section 395A(3))”.