Taxation (International and Other Provisions) Act 2010 section 265

References to amounts disclosed in balance sheet of a company

Section 265 defined how references to amounts shown in a company's balance sheet should be interpreted for the purposes of the worldwide debt cap rules, but this section has been repealed.

• Section 265 was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap provisions limiting the amount of tax-deductible financing costs for UK groups.
• The section provided rules for interpreting references to amounts disclosed in a company's balance sheet, ensuring consistency in how balance sheet figures were used within the worldwide debt cap calculations.
• Part 7, including section 265, was repealed by the Finance (No. 2) Act 2017, which replaced the worldwide debt cap regime with the new corporate interest restriction rules.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, meaning the worldwide debt cap rules may still be relevant for earlier periods.

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