739LA. Profit: financing cost ratio.

(1) In this section -

'adjusted property financing costs' means the property financing costs less any amount of income referred to in subsection (2)(b);

'property financing costs' means costs, being costs of debt finance or finance leases, which are taken into account in arriving at the profits of an IREF, including amounts in respect of -

(a) interest, discounts, premiums, or net swap or hedging costs, and

(b) fees or other expenses associated with raising debt finance or arranging finance leases;

'property financing costs ratio' means the ratio of the sum of profits of an IREF and the adjusted property financing costs of an IREF to the adjusted property financing costs of the IREF;

'relevant cost' means the amount which would be allowable as a deduction for the purposes of the Capital Gains Tax Acts under section 552(1);

'specified debt' means any debt incurred by an IREF in respect of monies borrowed by, or advanced to, the IREF.

(2)

(a) This subsection applies where the aggregate o

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