Taxation (International and Other Provisions) Act 2010 section 276

Appointment of authorised company for relevant period of account

Section 276 dealt with the appointment of an authorised company to act on behalf of a worldwide group for a relevant period of account under the former worldwide debt cap rules, but this provision has been repealed.

• Section 276 was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap rules limiting the amount of tax-deductible financing costs for UK members of large international groups.
• The entire Part 7, including this section, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules.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 276, would still have applied for that final period.