Section 413 Adjusted net group-interest expenseF1

a relevant expense amount that is brought into account in the financial statements of the group for the period in determining the carrying value of F2a non-financial asset or non-financial liability;

an amount that F3, in the case of a non-financial asset, is included in the net group-interest expense of the group for the period by virtue of section 410(5) (capitalised income written off);

a relevant expense amount that—

an amount in respect of a loan relationship that is brought into account by a member of the group, for a relevant accounting period in relation to the period of account, under section 330ZA CTA 2009 (debits referable to times before UK property business etc carried on) so far as that amount has not been included in the adjusted net group-interest expense of the group for any earlier period of account;

an amount in respect of a relevant derivative contract that would be brought into account by a member of the group, for a relevant accounting period in relation to the period of account, under section 607ZA of CTA 2009, if an election under regulation 6A of the Disregard Regulations (as defined in section 421) had effect in relation to the contract, so far as the relevant amount has not been included in the adjusted net group-interest expense of the group for any earlier period of account;

a relevant income amount in respect of a loan relationship or a relevant derivative contract to which a member of the group is a party that—

an amount that is brought into account by a member of the group, for a relevant accounting period in relation to the period of account, under section 330(3) of CTA 2009 (debits in respect of pre-trading expenditure) in accordance with an election made under section 330(1)(b) of that Act, so far as that amount has not been included in the adjusted net group-interest expense of the group for any earlier period of account;

a relevant income amount that is recognised in the financial statements of the group for the period, as an item of profit or loss, so far as it—

a relevant income amount that is brought into account in the financial statements of the group for the period in determining the carrying value of F8a non-financial asset or non-financial liability;

an amount that F9, in the case of a non-financial asset, is included in the net group-interest expense of the group for the period by virtue of section 410(3) (capitalised expense written off);

a relevant income amount that—

a relevant expense amount, in respect of a loan relationship or a relevant derivative contract to which a member of the group is a party, that—

an amount, in respect of a loan relationship to which a member of the group is a party, that—

a relevant expense amount that is recognised in the financial statements of the group for the period, as an item of profit or loss, so far as it—

a relevant expense amount that is recognised in the financial statements of the group for the period, as an item of profit or loss, so far as—

an asset is a “non-financial asset” if it is not a financial asset for accounting purposes or it is a share in a company,

a liability is a “non-financial liability” if it is not a financial liability for accounting purposes or it is in respect of a share issued by a company, and

references to amounts brought into account in determining the carrying value of a non-financial asset or non-financial liability do not include amounts so brought into account as a result of writing off any part of an amount which was itself so brought into account;

section 321 or 605 of CTA 2009 (credits and debits recognised in equity), or

section 320B of CTA 2009 (hybrid capital instruments: amounts recognised in equity).

ending on or after 6 April 2020, and

beginning before 1 April 2023.

no amount within any of paragraphs (ca) to (cc) of subsection (3) is to be treated as an “upward adjustment”, and

no amount within paragraph (ca) of subsection (4) is to be treated as a “downward adjustment”.