(6) For the purposes of this regulation and regulation 9, in applying the definition of  “deductible expense”, the reference to the Tax Acts is to be treated as not including Part 10  of the Taxation (International and Other Provisions) Act 2010 (corporate interest  restriction)( a ).”  6. —(1) Where an election is made under regulation 9(4)(b) of the principal Regulations, inserted  by regulation 4(a) of these Regulations, financing costs attributable to any time before 6th April  2020 may be included as a deductible expense but must not be taken into account in determining  the extent, if any, to which financing costs exceed the financing costs allowance for any quarter in  an annual period.  (2) The amount of financing costs attributable to any time before 6th April 2020 must be  determined on a just and reasonable basis.  (3) In this regulation—  “annual period” and “quarter” have the meanings given in regulation 2 of the principal  Regulations;  “deductible expense” has the meaning given in regulation 2 of the principal Regulations as  amended by regulation 3 of these Regulations;  “financing costs” and “financing costs allowance” have the meanings given in regulation  9A(5) of the principal Regulations, inserted by regulation 5 of these Regulations;  “principal Regulations” means the Taxation of Income from Land (Non-residents) Regulations  1995.  Angela MacDonald  Ruth Stanier  13th February 2020  Two of the Lords Commissioners for Her Majesty’s Revenue and Customs  EXPLANATORY NOTE  (This note is not part of the Regulations)  Section 17 of, and Schedule 5 to, the Finance Act 2019 made provision for non-UK resident  companies to be chargeable to corporation tax in relation to profits of a UK property business with  effect from 6th April 2020. These Regulations make consequential amendments to the Taxation of  Income from Land (Non-residents) Regulations 1995 (“the principal Regulations”).  Regulation 3 amends regulation 2 of the principal Regulations to amend the definition of  “deductible expense” to permit expenses to be offset and make a consequential amendment in  relation to the exclusion of the corporate interest restriction rules in Part 10 of the Taxation  (International and Other Provisions) Act 2010 where an election is made under regulation 9(4)(b)  of the principal Regulations.  Regulation 4 amends regulation 9 of the principal Regulations and regulation 5 inserts a new  regulation 9A into the principal Regulations to make provision for an election to apply a rule in  relation to the amount of financing costs that may be taken into account as an expense in  calculating the amount to be withheld on account of tax from rental income before it is paid to a  non-UK resident subject to corporation tax. The rule restricts the deduction for financing costs to  an amount representative of the amount which would be deductible on the application of the  corporate interest restriction in Part 10 of the Taxation (International and Other Provisions) Act  2010 to a non-UK resident company.  ( a ) 2010 c. 8; Part 10 was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017 (c. 32).  3 Transitional provision 