SCHEDULES

[F1SCHEDULE 7AU.K.Interest restriction returns

Textual Amendments

F1Sch. 7A 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. 2 (with Sch. 5 para. 28)

PART 1U.K.The reporting company

Revocation by worldwide group of appointment under paragraph 1U.K.

2(1)A member of a worldwide group may, by notice to an officer of Revenue and Customs, revoke an appointment previously made under paragraph 1.U.K.

(2)The notice must specify the first period of account of the group (“the specified period of account”) in relation to which the appointment is to be revoked.

(3)An appointment that is revoked under this paragraph ceases to have 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 [F212 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 that the listed companies constitute at least 50% of eligible companies.

(6)The revocation of an appointment does not prevent the making of a further appointment under paragraph 1 (whether at the same time as the revocation, or later).

(7)For the purposes of this paragraph a company is “eligible” if and only if the company —

(a)was a UK group company at a time during the specified period of account, and

(b)was not dormant throughout that period.]

Textual Amendments