Paragraph 40

United Kingdom

(1)

References in this Part to any provision of Part 7 of TIOPA 2010, or of the 2009 Regulations, are references to that provision as it continues to have effect in relation to—

(a)

periods of account of the worldwide group ending before 1 April 2017, and

(b)

where financial statements of the worldwide group are drawn up in respect of a period that begins before, and ends on or after, 1 April 2017, the period—

(i)

beginning at the time the straddling period of account (as defined in paragraph 26(3)(b) of Schedule 5 to F(No.2)A 2017) begins, and

(ii)

ending with 31 March 2017.

(2)

In this Part, the “2009 Regulations” means the Corporation Tax (Financing Costs and Income) Regulations 2009 (S.I. 2009/3173).

(3)

Terms used in this Part and in Part 7 of TIOPA 2010 have the same meaning as in that Part of that Act.