Taxation (International and Other Provisions) Act 2010 section 332B

Partnerships: expenses of borrowing

Section 332B previously dealt with how borrowing expenses incurred by partnerships were treated under the worldwide debt cap rules, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 332B was part of the worldwide debt cap rules in Part 7 of the Taxation (International and Other Provisions) Act 2010, which governed how UK groups could deduct financing costs
• The section specifically addressed the treatment of borrowing expenses arising within partnership structures
• The entire Part 7, including this section, was repealed by the Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017