Regulation 1 Citation, commencement, effect and interpretation

(1)

These Regulations may be cited as the Corporate Interest Restriction (Financial Statements: Group Mismatches) Regulations 2017 and come into force on 29th December 2017.

(2)

The Regulations have effect for periods of account^f1 of a worldwide group^f2 that begin on or after 1 April 2017.

(3)

For the purposes of these Regulations, “the specified amounts” means—

(a)

the net group-interest expense^f3,

(b)

the adjusted net group-interest expense^f4,

(c)

the qualifying net group-interest expense^f5, and

(d)

the group-EBITDA^f6.

Annotations

Footnotes

f1: “Period of account” of a worldwide group is defined in section 480 of the Taxation (International and Other Provisions) Act 2010, which was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
f2: “A worldwide group” is defined in section 473 of the Taxation (International and Other Provisions) Act 2010, which was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
f3: “Net group-interest expense” is defined in section 410 of the Taxation (International and Other Provisions) Act 2010, which was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
f4: “Adjusted net group-interest expense” is defined in section 413 of the Taxation (International and Other Provisions) Act 2010, which was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
f5: “Qualifying net group-interest expense” is defined in section 414 of the Taxation (International and Other Provisions) Act 2010, which was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
f6: “The group-EBITDA” is defined in section 416 of the Taxation (International and Other Provisions) Act 2010, which was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.