Finance Act 2018 (c. 3)

SCHEDULES

SCHEDULE 8 Corporate interest restriction

PART 2 Other amendments

27 In section 9A of CTA 2010 (designated currency of a UK resident investment company), in subsection (7)—

(a) in the definition of “financial statements of the group”, for “(within the meaning of section 351 of TIOPA 2010)” substitute “(and for this purpose “subsidiaries” has the meaning given by international accounting standards)”, and

(b) for the definition of “Y’s group” substitute—

• ““Y’s group” means a worldwide group of which Y is the ultimate parent within the meaning of Part 10 of TIOPA 2010,”.

28 The amendment made by paragraph 27 has effect in relation to elections that are made on or after 1 January 2018.