Taxation (International and Other Provisions) Act 2010 section 344

Meaning of "large" in relation to a group

Section 344 defined what it meant for a group to be classified as "large" for the purposes of the worldwide debt cap rules in Part 7 of the Act, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 344 provided the definition of a "large" group for the purposes of the worldwide debt cap rules contained in Part 7 of TIOPA 2010.
• The entire Part 7 worldwide debt cap regime, including this section, was repealed by the Finance (No. 2) Act 2017.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 section 20 and Schedule 5 of the Finance (No. 2) Act 2017.