Prospective
7.—(1) A relevant person must provide to HMRC update information for a business, as specified in an update notice, in respect of each quarterly period for each tax year.
(2) “Quarterly update” means the provision of information required by paragraph (1).
(3) Subject to paragraphs (8), (9) and (10), the quarterly periods for a tax year are those specified in the following table.
| Period | |
|---|---|
| Quarterly period 1 | The period beginning with the first day of the tax year (6th April) and ending with the following 5th July |
| Quarterly period 2 | The period beginning with the day immediately following the end of quarterly period 1 (6th July) and ending with the following 5th October |
| Quarterly period 3 | The period beginning with the day immediately following the end of quarterly period 2 (6th October) and ending with the following 5th January |
| Quarterly period 4 | The period beginning with the day immediately following the end of quarterly period 3 (6th January) and ending with the following 5th April |
(4) Each quarterly update must be provided by no later than the quarterly deadline.
(5) The quarterly deadlines for each quarterly period are the dates specified in the following table.
| Deadline | |
|---|---|
| Quarterly period 1 | 5th August following the end of quarterly period 1 |
| Quarterly period 2 | 5th November following the end of quarterly period 2 |
| Quarterly period 3 | 5th February following the end of quarterly period 3 |
| Quarterly period 4 | 5th May following the end of quarterly period 4 |
(6) A relevant person may make an election under this paragraph for a business in respect of a tax year (“a calendar quarters election”).
(7) A calendar quarters election has effect for the tax year in respect of which it is made and for subsequent tax years until it is withdrawn.
(8) Subject to paragraph (9), where a calendar quarters election has effect for a tax year, the quarterly periods for that tax year are those specified in the following table.
| Period | |
|---|---|
| Quarterly period 1 | The period beginning with 1st April before the beginning of the tax year and ending with the following 30th June |
| Quarterly period 2 | The period beginning with the day immediately following the end of quarterly period 1 (1st July) and ending with the following 30th September |
| Quarterly period 3 | The period beginning with the day immediately following the end of quarterly period 2 (1st October) and ending with the following 31st December |
| Quarterly period 4 | The period beginning with the day immediately following the end of quarterly period 3 (1st January) and ending with the following 31st March |
(9) For the first tax year for which a calendar quarters election has effect, quarterly period 1 is the period beginning with the first day of the tax year (6th April) and ending with the following 30th June.
(10) For the tax year following the final tax year for which a calendar quarters election has effect, quarterly period 1 is the period beginning with 1st April before the beginning of the tax year and ending with the following 5th July.
(11) A calendar quarters election must be made by notice to HMRC by no later than—
(a)the quarterly deadline for quarterly period 1 for the tax year in respect of which the election is made; or
(b)the time at which the relevant person provides the quarterly update in respect of quarterly period 1 for the tax year in respect of which the election is made,
whichever is the earlier.
(12) A calendar quarters election may be withdrawn by notice to HMRC at any time.
(13) Where a calendar quarters election is withdrawn, it ceases to have effect—
(a)at the beginning of the tax year in which it is withdrawn, where the withdrawal is made by no later than—
(i)the quarterly deadline for quarterly period 1 for the tax year in which it is withdrawn; or
(ii)the time at which the relevant person provides the quarterly update in respect of quarterly period 1 for the tax year in which it is withdrawn,
whichever is the earlier; and
(b)immediately after the end of the tax year in which it is withdrawn, in all other cases.
Commencement Information
I1Reg. 7 in force at 6.4.2026 (as amended by S.I. 2024/167, reg. 3), see reg. 1