{
  "url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010/section-385",
  "json_url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010/section-385.json",
  "legislation": "ukpga/2010/8",
  "legislation_title": "Taxation (International and Other Provisions) Act 2010",
  "legislation_url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010",
  "path": "section/385",
  "kind": "section",
  "number": "385",
  "heading": "The tax-interest income amounts of a company",
  "text": "(1) References in this Part to a “tax-interest income amount” of a company for a period of account of a worldwide group are to any amount that—\n(a) is (or apart from this Part would be) brought into account for the purposes of corporation tax in a relevant accounting period of the company, and\n(b) meets condition A, B, C or D.\n(2) Condition A is that the amount is a relevant loan relationship credit (see section 386).\n(3) Condition B is that the amount is a relevant derivative contract credit (see section 387).\n(4) Condition C is that the amount is in respect of the financing income implicit in amounts receivable under a relevant arrangement or transaction.\n(5) In subsection (4) “relevant arrangement or transaction” means—\n(a) a finance lease,\n(b) debt factoring, or any similar transaction, or\n(c) a service concession arrangement if and to the extent that the arrangement is accounted for as a financial asset.\n(6) Condition D is that the amount is in respect of income that—\n(a) is receivable from another company, and\n(b) is in consideration of the provision of a guarantee of any borrowing of that other company.\n(7) Subsection (9) applies if an accounting period in which a tax-interest income amount is (or apart from this Part would be) brought into account for the purposes of corporation tax contains one or more disregarded periods.\n(8) A “disregarded period” is any period falling within the accounting period—\n(a) which does not fall within the period of account of the worldwide group, or\n(b) throughout which the company is not a member of the group.\n(9) Where this subsection applies, the tax-interest income amount mentioned in subsection (7) is reduced by such amount as is referable, on a just and reasonable basis, to the disregarded period or periods mentioned in that subsection.\n(10) An amount may be reduced to nil under subsection (9).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/8/section/385",
    "retrieved_at": "2026-10-29T09:10:17.008829+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."
}