Failure of reporting body to submit statement of allocated disallowancesU.K.
25(1)This paragraph applies if no statement of allocated disallowances is submitted under paragraph 19 that complies with the requirements of paragraph 21.U.K.
(2)Each company to which this Part applies that has a net financing deduction for the relevant period of account that is greater than nil must reduce the amounts that it brings into account in relevant accounting periods in respect of financing expense amounts.
(3)The total of the reductions required to be made by a company by virtue of sub-paragraph (2) is—
where—
NFD is the net financing deduction of the company for the relevant period of account (see paragraph 70(2)),
TEA is the tested expense amount for the relevant period of account (see paragraph 70(1)), and
TDA is the total disallowed amount (see paragraph 15(2)).
(4)The particular financing expense amounts that must be reduced, and the amounts by which they must be reduced, must be determined in accordance with regulations made by the Commissioners.
(5)Regulations under this paragraph may, in particular, include provision—
(a)conferring a discretion on a company required to make reductions under this paragraph as to the particular financing expense amounts that are to be reduced,
(b)requiring a company required to make reductions under this paragraph to notify another relevant group company of the particular reductions made, and
(c)as to the times by which such notices must be sent and as to information that must accompany such notices.