SCHEDULES
SCHEDULE 15

Tax treatment of financing costs and income
Part 4

Exemption of financing income

Application of Part and meaning of “total disallowed amount”
27
1
This Part applies where, for a period of account of the worldwide group to which this Schedule applies (“the relevant period of account”)—
a
the tested expense amount (see Part 8), exceeds
b
the available amount (see Part 9).
2
In this Part the “total disallowed amount” means the difference between the amounts referred to in paragraphs (a) and (b) of sub-paragraph (1).
Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)