Taxation (International and Other Provisions) Act 2010 section 315

Interpretation of sections 313 and 314

Section 315 provided definitions and interpretive rules for the provisions in sections 313 and 314 concerning the worldwide debt cap, but has been repealed as part of the replacement of the old regime with the corporate interest restriction rules.

• Section 315 supported sections 313 and 314 by defining key terms used in those provisions relating to the worldwide debt cap.
• The entire Part 7 of TIOPA 2010, which contained the worldwide debt cap rules including this section, has been repealed.
• The repeal was enacted by Finance (No. 2) Act 2017, section 20 and Schedule 5, paragraph 11, which introduced the corporate interest restriction regime as a replacement.
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017.