Paragraph 19 F1

United Kingdom

(1)

This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group.

(2)

The reporting company may—

(a)

elect to submit an abbreviated interest restriction return, or

(b)

revoke an election previously made.

(3)

An election or revocation under this paragraph has effect in relation to the period of account.

(4)

An election under this paragraph is referred to in this Part of this Act as an “abbreviated return election”.

(5)

For provision as to the effect of an abbreviated return election, see—

paragraph 20 of this Schedule (which limits the required contents of the interest restriction return);
section 393 (which deprives the group of the use of the interest allowance for the return period, or any earlier period, in future periods of account).

Annotations

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)