Taxation (International and Other Provisions) Act 2010 section 308

Meaning of "relevant net deduction"

Section 308 defined the term "relevant net deduction" for the purposes of the worldwide debt cap rules in Part 7 of the Act, but this provision has been repealed and replaced by the corporate interest restriction regime.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 308 provided the definition of "relevant net deduction" used in the worldwide debt cap calculations under Part 7 of TIOPA 2010.
• The entire Part 7, including this section, was repealed by the Finance (No. 2) Act 2017.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.
• The worldwide debt cap rules were replaced by the corporate interest restriction rules introduced by section 20 and Schedule 5 of the Finance (No. 2) Act 2017.