Taxation (International and Other Provisions) Act 2010 Schedule 10 Part 4

Tax treatment of financing costs and income – repeals

Schedule 10 Part 4 lists the legislation that is repealed as a consequence of the rules on the tax treatment of financing costs and income being rewritten into the Taxation (International and Other Provisions) Act 2010.

• The provisions originally enacted in Finance Act 2009 dealing with the tax treatment of financing costs and income have been rewritten into the 2010 Act, and the originals are therefore repealed.
• Section 35 of Finance Act 2009, which introduced the financing costs and income rules, is repealed in its entirety.
• The detailed operative provisions in Schedule 15 to Finance Act 2009 (paragraphs 1 to 95 and 97 to 99) are repealed, having been consolidated into the 2010 Act.
• A corresponding entry in the penalty provisions table in section 98 of the Taxes Management Act 1970, which referred to regulations under Schedule 15 to Finance Act 2009, is also removed.