Taxation (International and Other Provisions) Act 2010 section 351

Expressions taking their meaning from international accounting standards

Section 351 defined certain terms used in Part 7 of the Act by reference to their meaning under international accounting standards, but this provision has been repealed.

• Section 351 was part of Part 7 of TIOPA 2010, which dealt with tax rules around corporate financing arrangements.
• It provided that specific expressions used in Part 7 should be interpreted in accordance with international accounting standards (such as IFRS).
• The entire Part 7 was repealed by the Finance (No. 2) Act 2017, which introduced the corporate interest restriction regime as a replacement.
• The repeal takes effect for periods of account of worldwide groups beginning on or after 1 April 2017.