Taxation (International and Other Provisions) Act 2010 (c. 8)

SCHEDULES

[F1 SCHEDULE 7A U.K. Interest restriction returns

Textual Amendments

F1 Sch. 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 2 U.K. Contents of interest restriction return

Inaccuracy in return attributable to another company U.K.

32 (1) A company (“C”) is liable to a penalty if— U.K.

(a) another company submits an interest restriction return for a period of account of a worldwide group,

(b) there is an inaccuracy in the return which meets condition A or B in paragraph 30, and

(c) the inaccuracy was attributable to C deliberately supplying false information to the other company, or to C deliberately withholding information from the other company, with the intention of the return containing the inaccuracy.

(2) A penalty is payable under this paragraph in respect of an inaccuracy whether or not the other company is liable to a penalty under paragraph 30 in respect of the same inaccuracy.

(3) A penalty payable under this paragraph is equal to the notional tax.]