Schedules

Schedule 3Corporate interest restriction etc.

Part 1Amendments to TIOPA 2010

24Determinations by officers of Revenue and Customs

1

Paragraph 56 of Schedule 7A (power of Revenue and Customs to make determinations where no return filed etc) is amended as follows.

2

For sub-paragraph (1)(b) (but not the “and” at the end) substitute—

b

the filing date in relation to the relevant period of account has passed (see paragraph 7(5)),

3

In sub-paragraph (1)(c)—

a

omit “A,”;

b

for “or C” substitute “, C or D”.

4

Omit sub-paragraphs (2) and (3).

5

After sub-paragraph (5) insert—

5A

Condition D is that—

a

the appointment of a reporting company has effect in relation to the relevant period of account,

b

the reporting company is required to submit a revised interest restriction return for the period under paragraph 8(4), and

c

the time limit in paragraph 8(5) for the submission of the revised return has passed without the revised return being received by an officer of Revenue and Customs.

6

In sub-paragraph (9)—

a

after “made” insert

—

a

in a case where Condition D is met, after the end of the period of 12 months beginning with the expiry of the time limit mentioned in paragraph 8(5), and

b

in any other case,

b

for “the determination date” substitute “the filing date referred to in sub-paragraph (1)(b)”.