Taxation (International and Other Provisions) Act 2010 section 261

Application of Part

Section 261 defined the scope and application of Part 7 of the Act, which dealt with tax relief restrictions on financing expenses. This Part has been repealed and replaced by new corporate interest restriction rules.

• Section 261 set out which entities and arrangements fell within the scope of Part 7 of TIOPA 2010.
• Part 7 contained rules that limited the amount of tax relief available for financing costs within corporate groups.
• Part 7 was fully repealed by the Finance (No. 2) Act 2017, which introduced the corporate interest restriction regime as a replacement.
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017.