Section 413 | [ Adjusted Net Group-Interest Expense] | Taxation International And Other Provisions Act 2010 C8

[413 Adjusted net group-interest expense]

Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[413 Adjusted net group-interest expense]

[(1) For the purposes of this Part the “adjusted net group-interest expense” of a worldwide group for a period of account of the group is (subject to subsection (2))—

A + B - C

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A is the net group-interest expense of the group for the period (see section 410);

B is the sum of any upward adjustments (see subsection (3));

C is the sum of any downward adjustments (see subsection (4)).

(2) Where the amount determined under subsection (1) is negative, the “adjusted net group-interest expense” of the group for the period is nil.

(3) In this section “upward adjustment” means any of the following amounts—

(a) a relevant expense amount that is brought into account in the financial statements of the group for the period in determining the carrying value of [a non-financial asset or non-financial liability];

(b) an amount that[, in the case of a non-financial asset,] is included in the net group-interest expense of the group for the period by virtue of section 410(5) (capitalised income written off);

(i) in the financial statements of the group for the period is recognised in equity or shareholders'