Taxation (International and Other Provisions) Act 2010 section 331ZA

Elections disapplying sections 329(5) and 330(5)

Section 331ZA allowed certain elections to disapply specific provisions relating to the worldwide debt cap rules, but has been repealed as part of the replacement of those rules by the corporate interest restriction regime.

• Section 331ZA provided a mechanism for groups to elect to disapply the rules in sections 329(5) and 330(5) of the worldwide debt cap provisions in Part 7 of the Act.
• The entire Part 7 worldwide debt cap regime, including this section, was repealed by the Finance (No. 2) Act 2017.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.