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HMRC internal manual

Corporate Finance Manual

HM Revenue & Customs
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Debt cap: statement of allocation: required information for exemptions

The information to be provided in the statement of allocated exemption

There are statutory requirements for the information to be provided in a statement of allocated exemptions (TIOPA10/S292). The following should be included on the statement of exemptions:

  • the tested expense amount;
  • the available amount;
  • the total disallowed amount;
  • a list of all the companies to which Chapter 4 of PT7 applies;
  • in relation to each listed company, the financing income amounts for the relevant period of account; and
  • the relevant details in relation to each amount.

The relevant details in relation to each financing income amount are

  • which of the conditions in TIOPA10/S314 is met in relation to that amount and
  • the relevant accounting period of the company in which (apart from the exemption) the amount would be brought into account.

There is further information on TIOPA10/S314 at CFM91200 onwards.

The sum of the financing income included on the statement must not exceed the lower of:

  • the total disallowed amount; and
  • the tested income amount.