Part 2 New Schedule 7A to TIOPA 2010
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 2 New Schedule 7A to TIOPA 2010

2

In TIOPA 2010, after Schedule 7 insert—

“SCHEDULE 7A
Interest Restriction Returns

Section 374

Part 1
The Reporting Company

Appointment by a worldwide group of a reporting company

1

(1)     A member of a worldwide group may, by notice to an officer of Revenue and Customs, appoint an eligible company to be the group's reporting company.

(2)     The notice must specify the first period of account of the group (“the specified period of accountâ€) in relation to which the appointment is to have effect.

(3)     An appointment under this paragraph has effect in relation to—

(a)     the specified period of account, and

(b)     subsequent periods of account of the group.

(4)     The notice is of no effect unless—

(a)     it is given during the period of six months beginning with the end of the specified period of account,

(b)     it is authorised by at least 50% of eligible companies, and

(c)     it is accompanied by a statement containing the required information.

(5)     For this purpose “the required information†means—

(a)     a list of the eligible companies that have authorised the notice, and

(b)     a statement

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