Taxation (International and Other Provisions) Act 2010 section 313

The financing expense amounts of a company

Section 313 defined what counted as a company's financing expense amounts for the purposes of the worldwide debt cap rules, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 313 was part of the worldwide debt cap rules in Part 7 of TIOPA 2010, which limited the amount of financing costs that UK companies in a multinational group could deduct for tax purposes.
• The section set out how to identify and calculate a company's financing expense amounts — essentially the costs associated with its borrowings and other financing arrangements.
• Part 7, including section 313, was repealed by Finance (No. 2) Act 2017, which introduced the corporate interest restriction rules as a replacement regime.
• 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.