Paragraph 4 F1

(F21)

This paragraph applies where no interest restriction return in relation to a period of account of a worldwide group (“the relevant period of account”) has been submitted to an officer of Revenue and Customs before the end of the period of 18 months beginning with the end of the relevant period of account.

(2)

An officer of Revenue and Customs may, by notice to an eligible company, appoint it to be the group's reporting company.

(3)

The notice must specify the relevant period of account (whether by specifying the dates on which it begins and ends or, if the officer does not have that information, by reference to a date or dates).

(4)

The appointment has effect in relation to the relevant period of account F3and supersedes any appointment of a reporting company in relation to that period made under paragraph 1.

(5)

The appointment may be made—

(a)

at any time before the end of the period of F44 years beginning with the end of the relevant period of account, or

(b)

at any time after the end of that period if, at that time, an amount stated in the company tax return of a UK group company for a relevant accounting period can be altered,

F5But the time limits provided by paragraph (a) or (b) do not apply where sub-paragraph (6A) applies.

(6)

Paragraph 88(3) to (5) of Schedule 18 to FA 1998 (meaning of “can no longer be altered”) applies for the purposes of this paragraph.

(F66A)

If—

(a)

a company has purported to submit to an officer of Revenue and Customs a return for the relevant period of account despite the fact it had not been appointed for that period at the time at which it purported to submit the return, and

(b)

no appointment of the company as the group’s reporting company for that period has been made by a member of the group in reliance on paragraph 1A,

an officer of Revenue and Customs may, by notice to the company, appoint it to be the group’s reporting company for that period, and sub-paragraphs (3) and (4) apply in relation to that notice and appointment.

(6B)

The company is to be treated for the purposes of this Part of this Act as if it had been appointed immediately before it submitted the return (or, if more than one, the first return) for the relevant period of account.

(6C)

But—

(a)

sub-paragraph (6B) does not apply for the purposes of paragraph 11A, and

(b)

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 (6B)).

(7)

For the purposes of this paragraph a company is “eligible” if and only if the company —

(a)

was a UK group company at a time during the relevant period of account, and

(b)

was not dormant throughout that period.

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. 4(1) substituted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(5)(a)(21)
F3: Words in Sch. 7A para. 4(4) inserted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(5)(b)(21)
F4: Words in Sch. 7A para. 4(5)(a) substituted (with effect in accordance with Sch. 3 para. 30-36 of the amending Act) by Finance (No. 2) Act 2023 (c. 30), Sch. 3 para. 20
F5: Words in Sch. 7A para. 4(5) inserted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(5)(c)(21)
F6: Sch. 7A para. 4(6A)-(6C) inserted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(5)(d)(21)