Taxation (International and Other Provisions) Act 2010 section 292

Statement of allocated exemptions: requirements

Section 292 set out the requirements for a statement of allocated exemptions under the worldwide debt cap rules, but has been repealed following the introduction of the corporate interest restriction regime.

• Section 292 was part of Part 7 of TIOPA 2010, which dealt with the worldwide debt cap — a regime that limited the amount of tax-deductible financing costs for large groups operating in the UK
• The section specified the requirements that had to be met for a valid statement of allocated exemptions, which was used to distribute 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• The entire Part 7 worldwide debt cap regime, including this section, was repealed by Finance (No. 2) Act 2017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, with the corporate interest restriction rules replacing the worldwide debt cap from that date