Taxation (International and Other Provisions) Act 2010

[F1 Statement of allocated interest reactivations U.K.

Textual Amendments

F1 Sch. 7A 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. 2 (with Sch. 5 para. 28)

25 (1) The statement of allocated interest reactivations required by paragraph 20(3)(f) to be included in a full interest restriction return must— U.K.

(a) list one or more companies that are UK group companies at any time during the return period,

(b) in relation to each company listed under paragraph (a), specify an amount, and

(c) show the total of the amounts specified under paragraph (b).

(2) The amount specified under sub-paragraph (1)(b) in relation to a company is referred to in this Part of this Act as the “allocated reactivation” of the company for the return period.

(3) The allocated reactivation of a company for the return period—

(a) must not exceed the amount available for reactivation of the company in the return period (see paragraph 26), and

(b) must not be a negative amount.

(4) The sum of the allocated reactivations for the return period of the companies listed in the statement must equal—

(a) the sum of the amounts available for reactivation of each company in the return period, or

(b) if lower, the interest reactivation cap of the worldwide group in the return period.]