Part 6 Allocation of Dual Inclusion Income Within Group
Finance Act 2021 (2021 c 26) | Legislation

Part 6 Allocation of Dual Inclusion Income Within Group

15

(1)     Part 6A of TIOPA 2010 is amended as follows.

(2)     In section 259A (overview of Part), after subsection (16) insert—

“(16A)     Chapter 12A contains provision allowing surplus dual inclusion income to be allocated within a group of companies.”

(3)     After Chapter 12 insert—

“Chapter 12A
Allocation of Dual Inclusion Income Within Group

Introduction

259ZM Overview of Chapter

(1)     This Chapter contains provision that allows surplus dual inclusion income to be allocated within a group of companies.

(2)     Section 259ZMA contains the conditions that must be met for this Chapter to apply.

(3)     Subsection (2) of that section defines “the DII surplus” and subsection (3) of that section defines “the DII shortfall”.

(4)     Sections 259ZMB to 259ZMD contain provision allowing the unused part of the DII surplus of one company to be treated as dual inclusion income of another company in the same group, where it can be matched against the unused part of the DII shortfall of the other company.

(5)     Section 259ZME identifies when companies are in the same group.

Application of Chapter

259ZMA Circumstances in which Chapter applies

(1)     This Chapter applies if conditions

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