Taxation (International and Other Provisions) Act 2010 section 328

Interpretation of sections 316 to 327

Section 328 provided definitions and interpretation rules for the preceding sections 316 to 327, which dealt with the worldwide debt cap regime, but this entire part of the legislation has been repealed.

• Section 328 served as the definitions section for sections 316 to 327, which formed part of the worldwide debt cap rules in Part 7 of the Act.
• The worldwide debt cap was a regime that limited the amount of tax-deductible financing costs for UK members of large multinational groups.
• Part 7, including section 328, was repealed by Finance (No. 2) Act 2017 and replaced by the corporate interest restriction rules.
• The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017.