Taxation (International and Other Provisions) Act 2010 section 298A

Application of Chapter to financing income amounts determined under section 314A

Section 298A dealt with how the worldwide debt cap rules applied to financing income amounts calculated under section 314A, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 298A was part of the worldwide debt cap rules in Part 7 of TIOPA 2010, which limited the amount of financing expense that UK groups could deduct for tax purposes.
• The section specifically addressed how the Chapter applied where financing income amounts were determined under section 314A.
• The entire Part 7 worldwide debt cap regime was repealed by the Finance (No. 2) Act 2017, which introduced the corporate interest restriction rules as a replacement.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, meaning the old rules may still be relevant for earlier periods.