Taxation (International and Other Provisions) Act 2010 section 290

Statement of allocated exemptions: submission

Section 290 required the submission of a statement of allocated exemptions under the worldwide debt cap rules, but has been repealed for periods of account beginning on or after 1 April 2017.

• Section 290 was part of the worldwide debt cap regime in Part 7 of TIOPA 2010, dealing with the submission of statements of allocated exemptions.
• The statement of allocated exemptions was a mechanism by which groups allocated their available exempt amounts among UK group companies.
• The entire Part 7 worldwide debt cap regime, including this section, was repealed by Finance (No. 2) Act 2017.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, when the corporate interest restriction rules replaced the worldwide debt cap.

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