Taxation (International and Other Provisions) Act 2010 section 273

Foreign currency accounting

Section 273, which dealt with foreign currency accounting in the context of the worldwide debt cap rules, was repealed with effect for accounting periods beginning on or after 1 April 2017.

• Section 273 was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap provisions governing how much tax relief UK companies could claim on financing costs
• The entire Part 7, including this section, was repealed by the Finance (No. 2) Act 2017, which replaced the worldwide debt cap regime with the new corporate interest restriction rules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
• For any periods of account that straddled 1 April 2017 (i.e. began before that date), the old worldwide debt cap rules, including section 273, would still have applied to those periods