Paragraph 49 F1

(1)

This paragraph applies where a closure notice is given under paragraph 47 to a company by an officer.

(2)

The closure notice must—

(a)

state that, in the officer's opinion, no steps are required to be taken by the company as a result of the enquiry, or

(b)

state the steps that the company is required to take in order to give effect to the conclusions stated in the notice.

(3)

The closure notice may (but need not) specify the allocated disallowance for particular companies specified in the notice.

(4)

If—

(a)

the return was made for the wrong period, and

(b)

a period of account designated under paragraph 47(3) begins or ends at any time in that period,

the closure notice must require the company to take steps to make the return one appropriate to that designated period of account.

(5)

If there is more than one designated period of account within sub-paragraph (4), the closure notice must require the company to submit an interest restriction return for each of those designated periods of account.

(6)

If—

(a)

a period of account of a worldwide group (“the relevant group”) is designated under paragraph 47(4),

(b)

the company is a member of the relevant group for that period of account, and

(c)

condition A or B is met,

the closure notice must require the company to submit an interest restriction return for the designated period of account of the relevant group.

(7)

Condition A is met if the UK group companies comprised in the relevant group were regarded as members of the worldwide group in relation to which the return was made.

(8)

Condition B is met if—

(a)

the relevant group includes UK group companies that were not regarded as members of the group in relation to which the return was made, and

(b)

the ultimate parent of the relevant group is not the ultimate parent of a worldwide group in relation to which a reporting company has been appointed for a period of account that includes a time falling within the designated period of account of the relevant group.

(9)

If sub-paragraph (6) applies in relation to two or more designated periods of account of a worldwide group (whether those periods are of the same or different groups), the closure notice must require the company to submit separate interest restriction returns for each of the designated periods of account.

(10)

If, as a result of this paragraph, a closure notice requires a company to submit an interest restriction return for a period of account of a worldwide group, the company is treated for the purposes of this Part of this Act as if it had been appointed as the reporting company of the group in relation to the period.

(11)

For this purpose it does not matter whether the return that was subject to the enquiry was submitted in relation to a different worldwide group.

(12)

Sub-paragraph (10) is ignored in determining the period within which the return must be submitted (as to which, see instead paragraph 50(2)).

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)