Taxation (International and Other Provisions) Act 2010 section 350

Translation of amounts disclosed in financial statements

Section 350 dealt with how amounts shown in foreign currency financial statements were to be translated into sterling for the purposes of the worldwide debt cap rules, but this provision has been repealed.

• Section 350 was part of the worldwide debt cap regime under Part 7 of TIOPA 2010, which controlled the amount of tax-deductible financing costs for large groups.
• The section set out the rules for converting foreign currency figures appearing in financial statements into pounds sterling, so that the various debt cap calculations could be performed on a consistent basis.
• The entire Part 7 worldwide debt cap regime, including section 350, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules.
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017, meaning the old rules may still be relevant for earlier periods.