http://www.legislation.gov.uk/ukpga/2010/8/section/375Taxation (International and Other Provisions) Act 2010An Act to restate, with minor changes, certain enactments relating to tax; to make provision for purposes connected with the restatement of enactments by other tax law rewrite Acts; and for connected purposes.texttext/xmlenStatute Law Database2026-05-05Expert Participation2026-03-18 Part 10CHAPTER 23751This section applies where—aan interest restriction return is submitted for a period of account of a worldwide group (“the relevant period of account”),bthe return complies with the requirements of paragraph 20(3) of Schedule 7A (requirements for full interest restriction return), andcthe return includes a statement that the group is subject to interest restrictions in the return period.2A company that is listed on the statement under paragraph 22 of Schedule 7A (statement of allocated interest restrictions) must, in any accounting period for which the statement specifies an allocated disallowance, leave out of account tax-interest expense amounts that, in total, equal that allocated disallowance.3A non-consenting company in relation to the return may—aelect that subsection (2) is not to apply in relation to such relevant accounting period of the company as is specified in the election, orbrevoke an election previously made.4If—aan election under this section has effect in relation to an accounting period of a company, andbparagraph 24 of Schedule 7A allocates to that period a pro-rata share of the total disallowed amount that is not nil,the company must leave out of account in that period tax-interest expense amounts that, in total, equal that pro-rata share.5See section 377 for provision as to which tax-interest expense amounts are to be left out of account as a result of this section.Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)Pt. 10 excluded by 2010 c. 4, s. 937NA (as inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 7)Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 9)Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 8)