Paragraph 11B F1F2
Liability to a penalty under paragraph 11A does not arise if, in reliance on paragraph 1A, a company is, at any time up to the end of the period of 18 months after the end of the period of account, appointed as the group’s reporting company for the period of account.
Liability to a penalty under paragraph 11A also does not arise if—
without being prompted by an officer of Revenue and Customs to do so, the company notified an officer of Revenue and Customs of the circumstances mentioned in paragraph 11A(1), or
there is a reasonable excuse for failing to appoint a reporting company before the return was submitted.
If there is a reasonable excuse for the failure but the excuse has ceased, the excuse is to be treated as having continued if a reporting company is appointed without unreasonable delay after the excuse ceased.
Annotations
Textual amendments
- F1
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)
- F2
Sch. 7A paras. 11A, 11B and cross-heading inserted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(13)(21)