Taxation (International and Other Provisions) Act 2010 section 271

UK trading income of the worldwide group

Section 271 defined the UK trading income of a worldwide group for the purposes of the worldwide debt cap rules, but has been repealed and replaced by the corporate interest restriction regime.

  • Section 271 was part of Part 7 of the Taxation (International and Other Provisions) Act 2010, which dealt with the worldwide debt cap
  • The section defined how the UK trading income of a worldwide group was to be calculated
  • The entire Part 7, including this section, was repealed by Finance (No. 2) Act 2017
  • The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, when the corporate interest restriction rules took over

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