Jurisdiction(s):
United Kingdom

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

UK worldwide debt cap (pre-1 April 2017): calculating tested expense, available and tested income amounts; elections, exclusions, mismatches and anti-avoidance [Archived]

Published by a LexisNexis Tax expert

Practice notes

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ARCHIVED : This Practice Note has been archived and is not maintained.

This Practice Note is archived and is no longer maintained. With effect from 1 April 2017, the worldwide debt cap regime was repealed and replaced by the corporate interest restriction (CIR). Consequently, the rules summarised in this Practice Note should therefore be treated as applying only to periods before 1 April 2017, which is when the CIR came into force. Where a period of account straddles that change, the former debt cap must accordingly be applied to a notional period ending on 31 March 2017. For further details on the CIR, which abolishes and substitutes the debt cap provisions, see Practice Note: Corporate interest restriction. In broad outline and terms, tax relief for the financing expenses of UK-resident companies within large groups may generally be limited (ie disallowed) where the level of the group's UK-based net debt is greater than 75% of the group's gross debt; this is known as the gateway test. The debt cap applies to periods of account commencing on or after 1 January 2010...

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Web page updated on 22/05/2026

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