Taxation (International and Other Provisions) Act 2010 section 347

Non-compliant financial statements of the worldwide group

Section 347 dealt with situations where the financial statements of a worldwide group did not comply with the required accounting standards, and the consequences that followed for the purposes of the worldwide debt cap rules.

• Section 347 was part of the worldwide debt cap regime in Part 7 of TIOPA 2010, which limited the amount of tax-deductible financing costs for UK groups
• The section addressed what happened when a worldwide group's financial statements were not prepared in accordance with acceptable accounting standards
• The entire Part 7, including this section, was repealed by Finance (No. 2) Act 2017 as part of the introduction of the corporate interest restriction rules
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017