Taxation (International and Other Provisions) Act 2010 section 289

Meaning of "the reporting body"

Section 289 defined which entity within a worldwide group was treated as "the reporting body" for the purposes of the worldwide debt cap rules. This section has been repealed.

• Section 289 was part of the worldwide debt cap regime in Part 7 of TIOPA 2010, which limited the amount of tax-deductible financing costs for UK members of large multinational groups.
• The section provided a definition of "the reporting body", being the entity responsible for reporting and compliance obligations under the worldwide debt cap rules on behalf of the group.
• Part 7, including this section, was repealed by Finance (No. 2) Act 2017, which replaced the worldwide debt cap with the corporate interest restriction rules.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.