The Tax Treatment of Financing Costs and Income (Correction of Mismatches: Partnerships and Pensions) Regulations 2012

Election that these Regulations do not apply

4.—(1) A worldwide group may elect that either or both of regulations 2 and 3 do not apply in relation to periods of account of the worldwide group beginning before 14th December 2012.

(2) The election—

(a) is irrevocable,

(b) must be made in writing to HMRC by the reporting body within 12 months from the end of the first period of account of the worldwide group that begins on or after 14th December 2012,

(c) must be signed by the proper officer of the reporting body or such other person as may have the express, implied or apparent authority of the reporting body to make an election under this regulation.

(3) In paragraph (2), “the reporting body” has the meaning given by section 289 of the Taxation (International and Other Provisions) Act 2010.

(4) Subsections (3) and (4) of section 108 of the Taxes Management Act 1970(1) (responsibility of company officers: meaning of “proper officer”) apply for the purposes of this regulation as they apply for the purposes of that section.

(1)

1970 c. 9; section 108(3) was amended and subsection (4) was inserted by paragraph 2 of Schedule 41 to the Finance Act 2003 (c. 14).