Paragraph 1A F1F2
This paragraph applies where a company has purported to submit to an officer of Revenue and Customs a return for a period of account of a worldwide group despite the fact it had not been appointed for the period of account at the time at which it purported to submit the return.
A member of the group may, in accordance with paragraph 1, appoint the company as the group’s reporting company for the period of account.
If an appointment is made as mentioned in sub-paragraph (2)—
the company is to be treated for the purposes of this Part of this Act as if it had been appointed under paragraph 1, and
the appointment is to be treated for the purposes of this Part of this Act as if it had been made at the time immediately before the return (or, if more than one, the first return) for the period of account was submitted.
But—
sub-paragraph (3) does not apply for the purposes of paragraph 11A, and
for the purposes of paragraph 6(2), the time of the appointment is taken to be the actual time at which the company was appointed as the group’s reporting company (rather than the time provided for by sub-paragraph (3)(b)).
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 para. 1A and cross-heading inserted (with effect in accordance with s. 61(19) of the amending Act) by Finance Act 2026 (c. 11), s. 61(3)(19)