Taxation (International and Other Provisions) Act 2010 section 288

Appointment of authorised company for relevant period of account

Section 288 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worldwide group for a relevant period of account under the former worldwide debt cap rules, but this provision has been repealed.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 288 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 multinational groups.
• The section set out the process by which a company within a worldwide group could be appointed as the authorised company to handle compliance obligations for a given period of account.
• Part 7, including section 288, was repealed by the Finance (No. 2) Act 2017, which replaced the worldwide debt cap regime with the corporate interest restriction rules.
• The repeal took 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 straddling that date.