Revised interest restriction returnU.K.
21(1)Paragraph 8 of Schedule 7A (revised interest restriction return) is amended as follows.
(2)For sub-paragraph (4) substitute—
“(4)Where any of the figures contained in the previous interest restriction return have become incorrect (whether or not as a result of a member of the group amending, or being treated as amending, its company tax return), the reporting company must submit a revised interest restriction return (for the purpose of correcting those figures) to an officer of Revenue and Customs.”
(3)For sub-paragraph (5) substitute—
“(5)A revised interest restriction return submitted under sub-paragraph (4) is of no effect unless it is received by an officer of Revenue and Customs before the end of—
(a)the period of 3 months beginning with the relevant day, or
(b)in a case where sub-paragraph (5B) applies, such longer period as an officer of Revenue and Customs may allow.
(5A)For the purposes of sub-paragraph (5), the “relevant day” is—
(a)where the figures contained in the previous interest restriction return have become incorrect as the result of a member of the group amending, or being treated as amending, an amount stated in its company tax return, the first day on which that amount can no longer be altered (within the meaning of paragraph 88(3) to (5) of Schedule 18 to FA 1998);
(b)in any other case, the day on which the figures contained in the previous interest restriction return were found to have become incorrect.
(5B)This sub-paragraph applies where an officer of Revenue and Customs considers that, as a result of an enquiry into a company tax return of another member of the group, the reporting company may subsequently be required to submit another revised interest restriction return under sub-paragraph (4).
(5C)A revised interest restriction return submitted under sub-paragraph (4) may differ from the previous return only so far as the differences are in consequence of the correction referred to in that sub-paragraph.”