SCHEDULES
SCHEDULE 15

Tax treatment of financing costs and income
Part 6

Anti-avoidance

Schemes involving manipulation of rules in Part 5
52
1
This paragraph applies to a financing income amount of a company received during a period of account of the worldwide group if—
a
apart from this paragraph, the financing income amount would, by virtue of paragraph 40, not be brought into account for the purposes of corporation tax, and
b
conditions A to C are met.
2
Condition A is that, at any time before the financing income amount is received, a scheme is entered into that secures that any of the conditions in sub-paragraphs (2) to (4) of paragraph 40 (“the relevant paragraph 40 condition”) is met in relation to the amount.
3
Condition B is that the purpose, or one of the main purposes, of any party to the scheme on entering into the scheme is to secure that the relevant paragraph 40 condition is met.
4
Condition C is that the scheme is not an excluded scheme.
5
Where this paragraph applies to a financing income amount, the relevant paragraph 40 condition is treated as not met in relation to the amount.
6
Paragraph 46 (meaning of references to a “financing income amount” of a company) applies for the purposes of this paragraph.
Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)