Taxation (International and Other Provisions) Act 2010 section 449

Minor definitions for purposes of this Chapter

Section 449 provides a set of minor definitions used throughout the corporate interest restriction chapter, covering key terms such as balance sheet, financial asset, loan relationships or other financing arrangements, and the concept of associated companies.

• A "balance sheet" must be one drawn up under generally accepted accounting practice (GAAP).
• "Loan relationships or other financing arrangements" is a broad term encompassing loan relationships, certain derivative contracts linked to interest rates, finance leases, and debt factoring or similar transactions.
• Two companies are "associated" with each other at any time if they are members of the same worldwide group at that time.
• "The UK sector of the continental shelf" refers to designated offshore areas under the Continental Shelf Act 1964.