Taxation (International and Other Provisions) Act 2010 section 296

Failure of reporting body to submit statement of allocated exemptions

Section 296 dealt with the consequences when a reporting body failed to submit a required statement of allocated exemptions under the former worldwide debt cap rules, but this section has been repealed.

• Section 296 was part of the worldwide debt cap regime in Part 7 of the Taxation (International and Other Provisions) Act 2010, which controlled the amount of tax-deductible financing expenses for UK members of large multinational groups.
• The section addressed what happened when the designated reporting body for a worldwide group did not file the required statement showing how the group's available exemption from disallowance had been allocated among UK group companies.
• Part 7, including this section, was repealed by Finance (No. 2) Act 2017, section 20 and Schedule 5, paragraph 11, as part of the replacement of the worldwide debt cap with the corporate interest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, meaning the worldwide debt cap rules may still be relevant for earlier periods.

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