Finance Act 2022

Requirement to notify U.K.

8 (1) Sub-paragraph (2) applies if—

(a) a relevant return is delivered to HMRC for a financial year by, or in respect of, a company or partnership, and

(b) the company or partnership is a qualifying company, or qualifying partnership, in that financial year.

(2) The company or partnership must notify HMRC if the relevant return includes an amount (including nil) brought into account for the purposes of a relevant tax and—

(a) at the time the return is delivered to HMRC, the amount is an uncertain amount (see paragraph 10), or

(b) after the return is delivered to HMRC, the amount becomes an uncertain amount by virtue of paragraph 10(2) (accounting provision made to reflect the probability that a different tax treatment will be applied to a transaction to which the amount relates).

(3) In sub-paragraph (2)—

(a) the reference to an amount included in a relevant return includes the inclusion of that amount as a result of an amendment of the return (other than amendment made by HMRC), and

(b) in such a case, references to the return being delivered to HMRC are to be read as references to HMRC being notified of the amendment.

(4) The notification requirement in sub-paragraph (2)—

(a) applies separately in relation to each relevant tax;

(b) applies only if the threshold test in paragraph 11(2) is met;

(c) is subject to the general exemption in paragraph 18;

(d) is subject to the exemption in paragraph 19 for certain group transactions;

(e) must be complied with on or before the date determined in accordance with paragraph 9.

(5) Where, in relation to a relevant tax, a company or partnership is required by sub-paragraph (2)(a) to notify HMRC about more than one amount that is included in a relevant return delivered for the financial year in question (other than as a result of an amendment of the return after the notification is given), a single notification must be given that covers each such amount.

(6) A notification under sub-paragraph (2) must be given by such means, and in such form, and include such information, as is specified in a notice published by HMRC.