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

Partnerships: other expenses

Section 332C dealt with the treatment of other expenses within partnerships for the purposes of the worldwide debt cap rules, but has been repealed and replaced by the corporate interest restriction regime.

• Section 332C was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap rules governing how groups could deduct financing costs
• The entire Part 7, including this section, was repealed by the Finance (No. 2) Act 2017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 worldwide debt cap rules were replaced by the corporate interest restriction rules introduced by the same Finance Act