Taxation (International and Other Provisions) Act 2010 section 352

Meaning of "relevant accounting period"

Section 352 defined the meaning of "relevant accounting period" for the purposes of the worldwide debt cap rules in Part 7 of the Act, but this provision has been repealed and replaced by the corporate interest restriction regime.

• Section 352 provided the definition of "relevant accounting period" used throughout the worldwide debt cap provisions in Part 7 of TIOPA 2010.
• The worldwide debt cap rules limited the amount of tax-deductible financing costs for UK companies that were part of large multinational groups.
• Part 7, including section 352, was repealed by Finance (No. 2) Act 2017, which introduced the corporate interest restriction rules as a replacement.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.