Taxation (International and Other Provisions) Act 2010 section 316

Group treasury companies

Section 316 previously dealt with the treatment of group treasury companies under the worldwide debt cap rules, but has been repealed as part of the replacement of those rules by the corporate interest restriction regime.

• Section 316 was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap rules limiting the amount of tax-deductible financing costs for UK groups.
• The entire Part 7, including this section on group treasury companies, was repealed by Finance (No. 2) Act 2017.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 worldwide debt cap rules were replaced by the corporate interest restriction rules introduced by section 20 and Schedule 5 of Finance (No. 2) Act 2017.