Taxation (International and Other Provisions) Act 2010 section 297

Power to make regulations in relation to reductions under section 296

Section 297 granted HMRC the power to make regulations governing the reductions available under section 296, but this provision has been repealed.

• Section 297 was part of Part 7 of TIOPA 2010, which dealt with tax deductions related to financing costs
• The section provided a regulation-making power to support the reduction mechanism in section 296
• The entire Part 7 was repealed by the Finance (No. 2) Act 2017 as part of the introduction of the corporate interest restriction rules
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017