Taxation (International and Other Provisions) Act 2010 section 299

Tax exemption for certain financing income received from EEA companies

Section 299 provided a tax exemption for certain financing income received by UK companies from companies based in the European Economic Area, but this provision has been repealed.

• Section 299 was part of Part 7 of TIOPA 2010, which dealt with tax exemptions for financing income from EEA-based companies.
• The entire Part 7, including section 299, was repealed by Finance (No. 2) Act 2017.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.
• The provisions of Part 7 were replaced by the corporate interest restriction rules introduced by the same Finance Act.