Taxation (International and Other Provisions) Act 2010 section 346

Financial statements of the worldwide group

Section 346 dealt with the financial statements of the worldwide group for the purposes of the worldwide debt cap rules, but has been repealed.

  • Section 346 was part of Part 7 of TIOPA 2010, which contained the worldwide debt cap rules limiting the amount of tax-deductible financing costs for UK groups
  • The section addressed the financial statements that needed to be used when determining the position of a worldwide group under those rules
  • Part 7 in its entirety, including this section, was repealed by Finance (No. 2) Act 2017
  • The repeal took effect for periods of account of worldwide groups beginning on or after 1 April 2017, when the new corporate interest restriction rules replaced the worldwide debt cap regime

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