Taxation (International and Other Provisions) Act 2010 section 279

Statement of allocated disallowances: submission of revised statement

Section 279 allowed the submission of a revised statement of allocated disallowances under the former worldwide debt cap rules, but was repealed when the corporate interest restriction regime replaced those rules from April 2017.

• Section 279 was part of the worldwide debt cap provisions in Part 7 of TIOPA 2010, which governed how groups allocated financing expense disallowances among their UK members.
• The section permitted a revised statement of allocated disallowances to be submitted, enabling groups to correct or update how disallowed amounts were distributed among group companies.
• Part 7 of TIOPA 2010, including this section, was repealed by Finance (No. 2) Act 2017, which introduced the corporate interest restriction rules as a replacement regime.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, meaning the old rules may still be relevant for earlier periods.