An inductance element comprises at least one annular core formed by a magnetic foil belt wound in a volute form and comprising magnetic thin films deposited on a tape-like thin plate; and at least one wire wound on said core. The magnetic thin films are provided with an axis of easy magnetization directed in the direction of width of said magnetic foil belt. Further, the magnetic thin films are thicknesswise separated into a plurality of discrete layers by at least one intervening resistance layer having a resistivity in the range from 10.sup.2 .mu..OMEGA.. cm to 10.sup.6 .mu..OMEGA..cm. Alternatively, the core may be formed by plural pieces of magnetic foil belt comprising magnetic thin films deposited on a tape-like thin plate, said plurality pieces of magnetic foil belt being insulated from each other and provided in a laminated form.