# Taxation (International and Other Provisions) Act 2010, Section 389: The “net tax-interest expense” or “net tax-interest income” of a company


(1) A company has “net tax-interest expense” for a period of account of a worldwide group if the total of its tax-interest expense amounts for the period exceeds the total of its tax-interest income amounts for the period.
(2) The amount of the net tax-interest expense of the company for the period is the amount of the excess.
(3) A company has “net tax-interest income” for a period of account of a worldwide group if the total of its tax-interest income amounts for the period exceeds the total of its tax-interest expense amounts for the period.
(4) The amount of the net tax-interest income of the company for the period is the amount of the excess.
(5) The net tax-interest expense or net tax-interest income of a company for a period of account of a worldwide group is “referable” to an accounting period of the company to the extent that it comprises tax-interest expense amounts or tax-interest income amounts that are (or apart from this Part would be) brought into account in the accounting period.
(6) This section applies for the purposes of this Part.

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Source: https://www.legislation.gov.uk/ukpga/2010/8/section/389 (the official version)
Page: https://openlegislation.uk/taxation-international-and-other-provisions-act-2010/section-389
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.