SCHEDULES
F1SCHEDULE 7AInterest restriction returns
PART 2Contents of interest restriction return
Interest allowance (non-consolidated investment) election
17
1
This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group.
2
The reporting company may—
a
elect that Chapter 7 of Part 10 (group-interest and group-EBITDA) is to apply subject to the non-consolidated investment provisions, or
b
revoke an election previously made.
3
An election under this paragraph must specify, for the purposes of the non-consolidated investment provisions, one or more non-consolidated associates of the worldwide group.
4
An election or revocation under this paragraph has effect in relation to the period of account.
5
An election under this paragraph is referred to in this Part of this Act as an “interest allowance (non-consolidated investment) election”.
6
In this paragraph “the non-consolidated investment provisions” means sections 427 and 428.
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)