Schedules

Schedule 3Corporate interest restriction etc.

Part 3Parts 1 and 2: commencement and transitional provision

32

1

The amendments made by paragraph 8 have effect for periods of account of worldwide groups ending on or after 6 April 2020.

2

Sub-paragraph (3) applies if—

a

in accordance with Schedule 7A to TIOPA 2010, a reporting company has submitted an interest restriction return for a period of account of a worldwide group ending—

i

on or after 6 April 2020, but

ii

before the day on which this Act is passed; and

b

any of the figures in the interest restriction return have become incorrect as a result of the amendments made by paragraph 8 (including as a result of an election made under section 413(7) of TIOPA 2010).

3

A revised interest restriction return submitted under paragraph 8 of Schedule 7A to TIOPA 2010 has effect (so far as that would not otherwise be the case) if it is received before the end of the period of 3 months beginning with the day on which this Act is passed.