Paragraph 44 F1
If it appears to an officer of Revenue and Customs that the period of account for which an interest restriction return has been submitted is or may be the wrong period, the power to enquire into the return includes power to enquire into the period for which the return ought to have been made.
Sub-paragraph (1) applies even if the company submitting the return had not been appointed as a reporting company for the period of account for which the return was submitted; and references to a reporting company in paragraph 40, and elsewhere in this Schedule where the context is an enquiry into the return, are to the company who submitted the return.
If sub-paragraph (1) applies, paragraph 41 (normal time limits for opening enquiry) has effect as if the return were one that had been submitted for the correct period of account.
If it appears to an officer of Revenue and Customs that the worldwide group (“the relevant group”) in relation to which an interest restriction return has been submitted—
consists of, or may consist of, two or more worldwide groups,
includes, or may include, entities that are members of a different worldwide group or groups, or
does not include, or may not include, entities that should be members of the relevant group,
the power to enquire into the return includes power to enquire into the returns for the periods of account of the worldwide groups which ought to have been made.
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. 44(1A) inserted (with effect in relation to periods of account ending on or after 31.3.2026) by Finance Act 2026 (c. 11), s. 61(16)(21)