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)
7(1)This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group.U.K.
(2)If the reporting company was appointed under paragraph 1 or 4, it must submit a return for the period of account to an officer of Revenue and Customs.
(3)If the reporting company was appointed under paragraph 5, it must submit a return for the period of account to an officer of Revenue and Customs unless a return for the period has already been submitted under sub-paragraph (2) or this sub-paragraph.
(4)A return submitted under this paragraph must be received by an officer of Revenue and Customs before the filing date in relation to the period of account.
(5)In this Part of this Act “the filing date”, in relation to a period of account of a worldwide group, means—
(a)the end of the period of 12 months beginning with the end of the period of account, or
[F2(b)if an appointment of a reporting company under paragraph 4 or 5 has effect in relation to the period of account, the end of the period of 3 months beginning with the day on which the appointment was made,]
[F3whichever is the later].
[F4(5A)For an extension of the filing date in the case of a takeover, see paragraph 7A.]
(6)A return submitted under this paragraph is of no effect unless it is received by an officer of Revenue and Customs before—
(a)the end of the period of 36 months beginning with the end of the period of account, or
(b)if later, the end of the period of 3 months beginning with the day on which the reporting company was appointed.
This is subject to paragraph 57.
Textual Amendments
F2Sch. 7A para. 7(5)(b) substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 11 para. 16(a)
F3Words in Sch. 7A para. 7(5) inserted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 11 para. 16(b)
F4Sch. 7A para. 7(5A) inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2019 (c. 1), Sch. 11 para. 17(1)
[F57A(1)This paragraph applies if—U.K.
(a)a period of account (“the affected period”) of a worldwide group (“the old group”) ends solely as a result of the ultimate parent of the old group becoming a member of a different worldwide group, and
(b)the time at which that happens is within 12 months of the beginning of the affected period.
(2)For the purposes of this Part of this Act the filing date in relation to the affected period of the old group is whichever is the later of—
(a)the date given by paragraph 7(5), and
(b)the end of the period of 24 months beginning with the affected period.]]
Textual Amendments
F5Sch. 7A para. 7A inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2019 (c. 1), Sch. 11 para. 17(2)