Taxation (International and Other Provisions) Act 2010

191 When sections 192 to 194 apply U.K.

(1) Sections 192 to 194 apply if—

(a) one of the affected persons (“the [F1 borrower]”) [F2 has borrowing liabilities],

(b) those liabilities are to any extent the subject of a guarantee provided by a company (“the guarantor company”),

(c) in calculating the profits and losses of the [F3 borrower] for tax purposes, the amounts to be deducted in respect of interest or other amounts payable [F4 in respect of the borrowing] are required to be reduced (whether or not to nil) under section 147(3) or (5), and

[F5 (d) the reduction is a result of provision for the guarantee not being regarded as arm’s length in accordance with section 153A (certain guarantees not capable of being arm’s length).]

F6 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In this Chapter—

• [F7 “borrowing”, “guarantee” and “implicit support” have the meanings they have in sections 153A and 153B (see section 154);

• “the borrowing transaction” means the transaction mentioned in subsection (1)(a);]

• “the guarantor company” has the meaning given by subsection (1)(b),

• “the [F8 borrower]” has the meaning given by subsection (1)(a), and

• F9 ...

Textual Amendments

F1 Word in s. 191(1)(a) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(2)(a)(i), 12

F2 Words in s. 191(1)(a) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(2)(a)(ii), 12

F3 Word in s. 191(1)(c) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(2)(b)(i), 12

F4 Words in s. 191(1)(c) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(2)(b)(ii), 12

F5 S. 191(1)(d) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(2)(c), 12

F6 S. 191(2)-(4) omitted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by virtue of Finance Act 2026 (c. 11), Sch. 6 paras. 6(3), 12

F7 Words in s. 191(5) inserted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(4)(c), 12

F8 Word in s. 191(5) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 6(4)(a), 12

F9 Words in s. 191(5) omitted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by virtue of Finance Act 2026 (c. 11), Sch. 6 paras. 6(4)(b), 12