Taxation (International and Other Provisions) Act 2010 section 332

The available amount

Section 332 defined the "available amount" for the purposes of the worldwide debt cap rules, but has been repealed and replaced by the corporate interest restriction regime.

• Section 332 was part of the worldwide debt cap provisions in Part 7 of TIOPA 2010, which limited the amount of tax-deductible financing costs for UK members of large multinational groups.
• The section set out how to calculate the "available amount" — the cap on the total financing expense amounts that UK group companies could deduct for tax purposes.
• Part 7, including this section, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules introduced by that Act.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.