Taxation (International and Other Provisions) Act 2010 section 345

Meaning of "UK group company" and "relevant group company"

Section 345 defined the terms "UK group company" and "relevant group company" for the purposes of the worldwide debt cap rules in Part 7, but this section has been repealed.

• Section 345 provided definitions of "UK group company" and "relevant group company" used within the worldwide debt cap provisions of Part 7.
• These definitions were important for determining which companies within a group were subject to the debt cap restrictions on tax-deductible financing costs.
• The entire Part 7, including section 345, was repealed by the Finance (No. 2) Act 2017.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, when the corporate interest restriction rules replaced the worldwide debt cap regime.