Section 393 Amount of interest allowance for a period that is “available” in a later periodF1
United Kingdom
This section applies for the purposes of this Chapter.
The amount of the interest allowance of a worldwide group for a period of account (“the originating period”) that is “available” in a later period of account of the group (“the receiving period”) is (subject to subsection (5)) the lower of amounts A and B.
Amount A is—
the amount of the interest allowance for the originating period, less
the total of the amount or amounts (if any) of that interest allowance that were used in the originating period, or in any subsequent period of account of the group before the receiving period (see section 394).
Amount B is the amount (if any) of the interest allowance for the originating period that is unexpired in the receiving period (see section 395).
The amount of the interest allowance for the originating period that is “available” in the receiving period is nil if—
an abbreviated return election F2has effect in relation to the originating period, the receiving period or any intervening period of account of the group, or
an interest restriction return is not submitted for any such period.
Annotations
Textual amendments
- F1
Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of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)
- F2
Words in s. 393(5)(a) substituted (retrospectively) by Finance Act 2018 (c. 3), Sch. 8 paras. 19, 23(1)
Notes on Part 10
Modifications
- C1
Pt. 10 excluded by 2010 c. 4, s. 937NA (as inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 7)
- C2
Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 9)
- C3
Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 8)