Part 4 Tax Treatment of Financing Costs and Income
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Part 4 Tax Treatment of Financing Costs and Income

37

This Part of this Schedule applies if—

(a)     a company (“Câ€) was, for the purposes of Part 7 of TIOPA 2010, a member of a worldwide group in a period of account of the group beginning before 1 April 2017,

(b)     the reporting body has, in relation to that period of account, submitted—

(i)     a statement of disallowances under section 278 or 279 of TIOPA 2010, and

(ii)     a statement of allocated exemptions under section 290 or 291 of that Act,

(c)     after the submission of the statement mentioned in sub-paragraph (b), the total disallowed amount of the worldwide group for that period of account is reduced (as a result of an enquiry into C's company tax for a relevant accounting period or otherwise),

(d)     as a result of the reduction in the total disallowed amount, the sum of the amounts specified in the statement of allocated exemptions under section 292(4)(b) of TIOPA 2010 exceeds the limit specified in section 292(6) of that Act,

(e)     on or after 15 March 2023,

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