Taxation (International and Other Provisions) Act 2010 (c. 8)

SCHEDULES

[F1 SCHEDULE 7A U.K. Interest restriction returns

Textual Amendments

F1 Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)

PART 2 U.K. Contents of interest restriction return

Interest allowance (alternative calculation) election U.K.

16 (1) This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group. U.K.

(2) The reporting company may elect that Chapter 7 of Part 10 (group-interest and group-EBITDA) is to apply subject to the alternative calculation provisions.

(3) An election under this paragraph—

(a) has effect in relation to the period of account and subsequent periods of account of the worldwide group, and

(b) is irrevocable.

(4) An election under this paragraph is referred to in this Part of this Act as an “interest allowance (alternative calculation) election”.

(5) In this paragraph “the alternative calculation provisions” means sections 423 to 426.]