SCHEDULES
F1SCHEDULE 7AInterest restriction returns
PART 6Information powers exercisable by members of group
Provision of information to and by the reporting company
60
1
The reporting company in relation to a period of account of a worldwide group may, by notice, require a company that was a UK group company at any time during the period to provide it with information that it needs for the purpose of exercising functions under or by virtue of this Part of this Act.
2
A notice under sub-paragraph (1) must specify the information to be provided.
3
The duty to comply with a notice under sub-paragraph (1) is enforceable by the reporting company.
4
As soon as reasonably practicable after submitting an interest restriction return to an officer of Revenue and Customs under any provision of this Schedule, the reporting company must send a copy of it to each company that was a UK group company at any time during the period of account.
5
If a reporting company receives a closure notice under paragraph 47, the reporting company must, as soon as reasonably practicable, send a copy of the notice to every company that was a UK group company at any time during the period of account that was subject to the enquiry.
6
The duty to comply with sub-paragraph (4) or (5) is enforceable by any person to whom the duty is owed.
Provision of information between members of group where no reporting company appointed
61
1
This paragraph applies where condition A or B is met in relation to a period of account of a worldwide group.
2
Condition A is that—
a
no appointment of a reporting company has effect in relation to the period of account, and
b
as a result of sub-paragraph (4)(a) of paragraph 1, an appointment of a reporting company under that paragraph that has effect in relation to the relevant period of account is no longer possible.
3
Condition B is that—
a
an appointment of a reporting company has effect in relation to the period of account,
b
a full interest restriction return has not been submitted in accordance with this Part for the period, and
c
the filing date in relation to the period has passed (see paragraph 7(5)).
4
A company that was a UK group company at any time during the period of account may, by notice, require any other such company to provide it with information that it needs for the purpose of determining whether, or the extent to which, it is required to leave tax-interest expense amounts out of account, or bring them into account, under this Part of this Act.
5
A notice under sub-paragraph (4) must specify the information to be provided.
6
The duty to comply with a notice under sub-paragraph (4) is enforceable by the company that gives the notice.
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)