Section 393 | Amount of interest allowance for a period that is “available” in a later period

(1)This section applies for the purposes of this Chapter.

(2)The amount of the interest allowance of a worldwide group for a period of account (“the originating period”) that is “available” in a later period of account of the group (“the receiving period”) is (subject to subsection (5)) the lower of amounts A and B.

(3)Amount A is—

(a)the amount of the interest allowance for the originating period, less

(b)the total of the amount or amounts (if any) of that interest allowance that were used in the originating period, or in any subsequent period of account of the group before the receiving period (see section 394).

(4)Amount B is the amount (if any) of the interest allowance for the originating period that is unexpired in the receiving period (see section 395).

(5)The amount of the interest allowance for the originating period that is “available” in the receiving period is nil if—

(a)an abbreviated return election has effect in relation to the originating period, the receiving period or any intervening period of account of the group, or

(b)an interest restriction return is not submitted for any such period.