Taxation (International and Other Provisions) Act 2010 Schedule 8 Part 4

Tax treatment of financing costs and income

Schedule 8 Part 4 (paragraphs 156–160) makes consequential amendments to the Taxes Management Act 1970 and Finance Act 2009, removing earlier provisions on the tax treatment of financing costs and income that have been rewritten into the 2010 Act.

• The Taxes Management Act 1970 is amended by removing the reference to regulations under Schedule 15 to the Finance Act 2009 from the penalties table in section 98.
• The Finance Act 2009 is amended by repealing section 35, which originally introduced Schedule 15 dealing with the tax treatment of financing costs and income.
• Paragraphs 1 to 94 and 97 to 99 of Schedule 15 to the Finance Act 2009 are omitted, as these provisions have been rewritten into the Taxation (International and Other Provisions) Act 2010.
• A further amendment to paragraph 157 was made by the Finance (No. 2) Act 2017, which removed an additional sub-paragraph relating to these consequential changes.