C1C3C2F1Part 10F1Corporate interest restriction
Pt. 10 excluded by 2010 c. 4, s. 937NA (as 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. 7)
Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (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. 9)
Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (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. 8)
F1CHAPTER 1F1Introduction
374F1Interest restriction returns
1
Schedule 7A makes provision about—
a
the preparation and submission of interest restriction returns by reporting companies of worldwide groups, and
b
other related matters such as enquiries and information powers.
2
Part 1 of that Schedule includes provision—
a
for the appointment of a reporting company of a worldwide group for a period of account, but
b
for companies (“non-consenting companies”) to elect to be unaffected by allocations of interest restrictions made by the company.
3
Part 2 of that Schedule includes provision—
a
for various elections to be made in an interest restriction return that are relevant to the operation of this Part (for example, the group ratio election),
b
entitling the reporting company of a worldwide group to allocate interest restrictions among its members but with a rule that allocates a pro-rata share to a non-consenting company, and
c
entitling the reporting company of a worldwide group to allocate interest reactivations among its members.
4
The remaining Parts of that Schedule contain provision about—
a
the keeping and preservation of records (see Part 3),
b
enquiries into interest restriction returns (see Part 4),
c
determinations made by officers of Revenue and Customs in the event of the breach of filing or other obligations (see Part 5),
d
information powers exercisable by members of the group (see Part 6),
e
information powers exercisable by officers of Revenue and Customs (see Part 7), and
f
the amendment of company tax returns to reflect the effect of this Part of this Act and supplementary matters (see Parts 8 and 9).
Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)