Taxation (International and Other Provisions) Act 2010 section 285

Powers to make regulations in relation to reductions under section 284

Section 285 granted the Treasury regulation-making powers in connection with the reduction of allowable deductions under section 284, but has been repealed as part of the replacement of the worldwide debt cap regime by the corporate interest restriction rules.

• Section 285 formed part of Part 7 of TIOPA 2010, which dealt with the worldwide debt cap — a regime that limited the amount of finance expense UK companies could deduct for tax purposes
• The section provided the Treasury with powers to make regulations governing how reductions to allowable deductions under section 284 should operate in practice
• The entire Part 7, including section 285, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules introduced under section 20 and Schedule 5 of that Act
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017, meaning the old rules may still apply to earlier periods