[F154(1)This paragraph applies if—U.K.
(a)anything is required to be done under any provision of this Part of this Act on a “just and reasonable” basis,
(b)in preparing an interest restriction return the reporting company adopts a particular basis for dealing with that thing, and
(c)notice of enquiry is given into the return.
(2)An officer of Revenue and Customs may determine that, in preparing the return, a different just and reasonable basis should have been adopted for dealing with that thing.
(3)A closure notice given in respect of the return must require the reporting company to whom the notice is given to revise the return to give effect to that determination.
(4)The officer's determination may be questioned on an appeal under paragraph 52 on the ground that the basis to be adopted is not just and reasonable (but not on any other ground).]
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)