SCHEDULE 11 Corporate Interest Restriction
Finance Act 2019 (2019 c 1) | Legislation

SCHEDULE 11 Corporate Interest Restriction

Section 28

Introductory

1

Part 10 of TIOPA 2010 (corporate interest restriction) is amended as follows.

Tax-interest amounts: amounts capitalised in intangible fixed assets

2

In Chapter 3 (tax-interest amounts), after section 391 insert—

“391A Amounts capitalised in carrying value of intangible fixed assets

In determining for the purposes of this Part whether an amount is a tax-interest expense amount or tax-interest income amount, section 906(1) of CTA 2009 (priority of intangible fixed asset rules) does not apply in respect of any matter which may be brought into account in accordance with Part 5 or 7 of that Act.”

Carry forward of interest allowance: new holding company

3

After section 395 insert—

“395A Carry forward of interest allowance: new holding company

(1)     This section applies if—

(a)     a company (“C”) ceases to be the ultimate parent of a worldwide group (“the old group”) because of a qualifying takeover, and

(b)     another company (“N”) becomes the ultimate parent of a worldwide group (“the new group”) as a result of the takeover.

(2)     For this purpose there is a qualifying takeover if there is a change in the ownership

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Direct discrimination

Direct discriminationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

Qualified one-way costs shifting (QOCS)

Qualified one-way costs shifting (QOCS)What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE)

LEXISNEXIS

Possession with intent to supply

Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA

LEXISNEXIS

Tort—the different types of tort

Tort—the different types of tortThis Practice Note identifies the main torts (bar negligence and nuisance, which are covered elsewhere in our related content) and their key characteristics. Specifically:•trespass to land•trespass to the person•privacy/defamation•liability for animals•employers'