Taxation (International and Other Provisions) Act 2010 section 277

Meaning of "the reporting body"

Section 277 defined the meaning of "the reporting body" for the purposes of the worldwide debt cap rules in Part 7 of the Act, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 277 was part of the worldwide debt cap rules contained in Part 7 of TIOPA 2010, which limited the amount of tax-deductible financing costs for UK groups that were part of a worldwide group.
• The section defined "the reporting body", which was the entity responsible for reporting to HMRC under the worldwide debt cap provisions.
• The entire Part 7, including section 277, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules introduced by section 20 and Schedule 5 of that Act.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, meaning the worldwide debt cap rules continued to apply to earlier periods.