Taxation (International and Other Provisions) Act 2010 section 304

References to tax of a territory

Section 304 defined what was meant by references to "tax" of a particular territory for the purposes of Part 7 of the Act, which dealt with the worldwide debt cap rules. This section has been repealed.

• Section 304 provided interpretive guidance on how references to the "tax" of a specific territory should be understood within the worldwide debt cap provisions.
• The section formed part of Part 7 of TIOPA 2010, which contained the worldwide debt cap rules limiting the amount of tax-deductible financing costs for large groups.
• Part 7, including this section, was repealed by Finance (No. 2) Act 2017, which replaced the worldwide debt cap with the corporate interest restriction rules.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.