Related HMRC Manuals

49(1)  Section 44(3) is subject to subsection (2) of this section if–

(a)the company is a bank or is connected with a bank, and

(b)the amount of the included funding costs is significantly less than the amount of the notional funding costs.

49(2)  The amount of the notional funding costs is to be included in the amount to be taken into account under section 44(3), but only so far as it exceeds the amount of the included funding costs.

49(3)  In this section–

“the company” means the company mentioned in section 44(3)(a),

“included funding costs” means the total of the funding costs that are–

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