The Tax Treatment of Financing Costs and Income (Change of Accounting Standards: Investment Entities) Regulations, SI 2015/662, amend the worldwide debt cap provisions with effect from 2 April 2015, to increase the ‘available amount’ of a worldwide group’s financing expenses for investment entities which do not consolidate accounts of certain subsidiaries owing to changes in international accounting standards and UK GAAP. The purpose of the amendment is to avoid a disallowance of finance expenses which would have been available but for the accounting standards changes.
The Tax Treatment of Financing Costs and Income (Change of Accounting Standards: Investment Entities) Regulations, SI 2015/662, amend the worldwide debt cap provisions with effect from 2 April 2015, to increase the ‘available amount’ of a worldwide group’s financing expenses for investment entities which do not consolidate accounts of certain subsidiaries owing to changes in international accounting standards and UK GAAP. The purpose of the amendment is to avoid a disallowance of finance expenses which would have been available but for the accounting standards changes.
