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26(1)Paragraph 5 of Schedule 24 to FA 2007 (penalties for errors: calculating potential lost revenue) is amended as follows.
(2)In sub-paragraph (4), before paragraph (a) insert—
“(za)any CIR alteration, other than a permitted reduction, in respect of the tax period to which the document relates,”.
(3)At the end insert—
“(5)For the purposes of sub-paragraph (4)(za)—
(a)a “CIR alteration” means an alteration made to an amount disallowed, or reactivated, under Part 10 of the Taxation (International and Other Provisions) Act 2010 as a result of the submission of a revised interest restriction return under paragraph 8(4) of Schedule 7A to that Act;
(b)a CIR alteration is a “permitted reduction” if it has the effect of—
(i)reducing the allocated disallowance of a company by no more than the relevant proportion, or
(ii)increasing the allocated reactivation of a company by no more than the relevant proportion.
(c)the “relevant proportion” is—
(i)for the purposes of paragraph (b)(i), the proportion by which the total disallowed amount of the worldwide group for the period is reduced, as a result of the submission of the revised interest restriction return;
(ii)for the purposes of paragraph (b)(ii) the proportion by which the interest reactivation cap of the worldwide group is increased, as a result of the submission of the revised interest restriction return.
(6)In sub-paragraph (5), the following terms have the same meaning as in Part 10 of the Taxation (International and Other Provisions) Act 2010—
“allocated disallowance” (see paragraph 22(2) of Schedule 7A to that Act);
“allocated reactivation” (see paragraph 25(2) of that Schedule);
“total disallowed amount of the worldwide group” and “interest reactivation cap of the worldwide group” (see section 373 of that Act).”
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