Explanatory Notes

Taxation (International and Other Provisions) Act 2010

2010 CHAPTER 8

18 March 2010

Commentary on Sections

Part 7: Tax treatment of financing costs and income

Chapter 4: Exemption of financing income
Section 296: Failure of reporting body to submit statement of allocated exemptions

577.This section sets out the consequences of a failure by a reporting body to submit a statement of allocated exemptions that complies with the requirements of section 292. It is based on paragraph 37 of Schedule 15 to FA 2009.