Commentary

D1.1444L Corporate interest restriction for banks, oil and gas companies, REITs etc

Corporate tax
Corporate tax | Commentary

D1.1444L Corporate interest restriction for banks, oil and gas companies, REITs etc

Corporate tax | Commentary

Corporate interest restriction—modification for specific types of companies

D1.1444L Corporate interest restriction for banks, oil and gas companies, REITs etc

For the latest New Development, see ND.1737.

This section considers the way in which the corporate interest restriction (CIR) legislation is modified for certain types of companies.

Banking companies

All amounts arising to a banking company (as defined in CTA 2010, ss 269A–269DO, Pt 7A) from a trade of dealing in financial instruments (other than impairment losses and the reversal of impairment losses) are taken into account in the calculation of its net tax-interest income or net tax-interest expense for the purposes of the CIR legislation. Financial instruments are defined as including1:

  1.  

    •     loan relationships

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial