Taxation (International and Other Provisions) Act 2010 section 272

Worldwide trading income of the worldwide group

Section 272 defined the worldwide trading income of a worldwide group for the purposes of the worldwide debt cap rules, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 272 was part of the worldwide debt cap rules in Part 7 of the Taxation (International and Other Provisions) Act 2010.
• It provided the definition of "worldwide trading income" for a worldwide group, which was relevant to calculating the group's financing expense.
• The entire Part 7, including this section, was repealed by the Finance (No. 2) Act 2017, which introduced the corporate interest restriction rules as a replacement.
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017.