Taxation (International and Other Provisions) Act 2010 section 349

References to amounts disclosed in financial statements

Section 349 previously defined how amounts disclosed in financial statements should be interpreted for the purposes of the worldwide debt cap rules in Part 7 of the Act, but this section has been repealed.

• Section 349 formed part of the worldwide debt cap provisions in Part 7 of TIOPA 2010, which limited the amount of tax-deductible financing costs for large groups.
• The section provided rules for interpreting references to amounts shown in the financial statements of worldwide groups.
• Part 7, including section 349, was repealed by the Finance (No. 2) Act 2017, which replaced the worldwide debt cap with the corporate interest restriction regime.
• The repeal applies to periods of account of worldwide groups beginning on or after 1 April 2017.

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