Part 1 Amendments to TIOPA 2010
Finance (No 2) Act 2023 (2023 c 30) | Legislation

SCHEDULE 3 Corporate Interest Restriction etc

Section 34

Part 1 Amendments to TIOPA 2010

Introduction

1

Part 10 of TIOPA 2010 (corporate interest restriction) is amended as follows.

Tax-interest expense amounts of a company: charities

2

In section 382 (the tax-interest expense amounts of a company), after subsection (1) insert—

“(1A)     But, in the case of a company which is a charity (as defined in paragraph 1 of Schedule 6 to FA 2010) at the end of the period of account, references in this Part to a “tax-interest expense amount†of the company do not include references to an amount which meets Condition A, B or C.â€

First period of account where new holding company

3

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 dayâ€), and

(ii)     the last period of account of the old group is treated as ending

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