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)
51(1)This paragraph applies if—U.K.
(a)an enquiry has been made into an interest restriction return (“the original return”) for a period of account of a worldwide group (“the original group”),
(b)a closure notice has been given in respect of the enquiry that designates a period of account of a worldwide group under paragraph 47(4) (“the new group”),
(c)the new group consists of both UK group companies that were not regarded as members of the original group and other UK group companies, and
(d)the ultimate parent of the new group is the ultimate parent of a worldwide group (“the existing group”) in relation to which a reporting company has been appointed for a period of account that includes a time falling within the designated period of account of the new group.
(2)An officer of Revenue and Customs must give a notice to that company appointing it as the reporting company in relation to each designated period of account of the new group.
(3)The notice of appointment must be given within the period of 30 days beginning with the day on which the closure notice was given.
(4)If—
(a)an interest restriction return has been submitted for a period of account of the existing group, and
(b)that period of account begins or ends at any time in a designated period of account of the new group,
the return is to be treated as withdrawn.
(5)Accordingly—
(a)any notice of enquiry or closure notice in relation to the return is also to be treated as withdrawn,
(b)any appeal in respect of any matter stated in a closure notice in relation to the return is treated as withdrawn, and
(c)any determination of any such appeal is treated as being of no effect.
(6)If—
(a)an interest restriction return for a period of account is treated as withdrawn as a result of sub-paragraph (4), and
(b)the period of account begins at any time before a designated period of account of the new group,
the notice under sub-paragraph (2) is also to be treated as if it constituted, on the day on which it is given, the appointment of the company in relation to a period of account of the existing group beginning with that time and ending immediately before the beginning of the designated period of account.
(7)If—
(a)enquiries are open at any time in relation to more than one interest restriction return, and
(b)this paragraph is capable of applying by reference to a closure notice to be given in respect of any one of those enquiries (so that a worldwide group could be either the original group or the existing group),
an officer of Revenue and Customs must select the company that, in the officer's opinion, ought to be the reporting company in relation to the new group.
(8)For this purpose an enquiry is “open” in relation to an interest restriction return if no closure notice has been given in relation to the enquiry.]