Taxation (International and Other Provisions) Act 2010 section 343

Treatment of business combinations

Section 343 dealt with the treatment of business combinations under Part 7 of TIOPA 2010, but was repealed as part of the replacement of the worldwide debt cap rules by the corporate interest restriction regime.

• Section 343 was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap rules governing how much tax relief UK companies could claim for financing costs.
• The section addressed how business combinations — such as mergers or acquisitions — should be treated for the purposes of calculating the worldwide group's financing expenses.
• Part 7, including section 343, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules introduced by section 20 and Schedule 5 of that Act.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.