Taxation (International and Other Provisions) Act 2010 section 320

Intra-group short-term finance: financing income

Section 320 dealt with the treatment of financing income arising from short-term lending arrangements between companies in the same group, but has been repealed.

• Section 320 was part of Part 7 of TIOPA 2010, which contained rules on the treatment of financing income from short-term intra-group loans.
• The entire Part 7, including this section, was repealed by the Finance (No. 2) Act 2017.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.
• The rules in Part 7 were replaced by the corporate interest restriction regime introduced by the same Finance Act.