{
  "url": "https://openlegislation.uk/finance-act-2012/schedule-4/paragraph-40",
  "json_url": "https://openlegislation.uk/finance-act-2012/schedule-4/paragraph-40.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "schedule/4/paragraph/40",
  "kind": "paragraph",
  "number": "40",
  "heading": null,
  "text": "(1) Section 543 (financing cost ratio) is amended as follows.\n(2) In subsection (1) after “period” insert “ (unless it is nil or a negative amount) ”.\n(3) For subsection (3) substitute—\n“(3) The excess is charged to corporation tax in relation to the accounting period under the charge to corporation tax on income.\n(3A) “The excess” means—\n(a) the amount equal to—\n(i) PFC, minus\n(ii) the property financing costs which would cause the calculation in subsection (2) to equal 1.25 for the accounting period, or\n(b) if less, the amount equal to 20% of PP.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/schedule/4/paragraph/40",
    "retrieved_at": "2026-10-29T09:08:44.989153+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}