Taxation (International and Other Provisions) Act 2010 section 270

Relevant dealing in financial instruments

Section 270 defined what constituted a "relevant dealing" in financial instruments for the purposes of Part 7 of the Act, which dealt with the taxation of financing costs and income. This section was repealed with effect for periods of account beginning on or after 1 April 2017.

• Section 270 was part of the old worldwide debt cap rules contained in Part 7 of the Taxation (International and Other Provisions) Act 2010.
• It provided the definition of a "relevant dealing" in financial instruments, which was important for determining how certain financing transactions were treated under the debt cap regime.
• The entire Part 7, including this section, was repealed by Finance (No. 2) Act 2017, which replaced the worldwide debt cap with the new corporate interest restriction rules.
• The repeal applies to periods of account of worldwide groups beginning on or after 1 April 2017, meaning the old rules may still be relevant for earlier periods.