Taxation (International and Other Provisions) Act 2010 section 314A

The financing income amounts of a chargeable company under Part 9A

Section 314A defined the financing income amounts of a chargeable company under the worldwide debt cap rules, but was repealed when those rules were replaced by the corporate interest restriction regime.

• Section 314A was part of the worldwide debt cap provisions in Part 7 of TIOPA 2010, which regulated how much financing expense large multinational groups could deduct in the UK.
• The section specifically addressed how to determine the financing income amounts attributable to a chargeable company under Part 9A of the same Act.
• Part 7 (including this section) was repealed by Finance (No. 2) Act 2017, which introduced the corporate interest restriction rules as a replacement regime.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 worldwide debt cap rules continued to apply to earlier periods.

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