SCHEDULES
F1SCHEDULE 7AInterest restriction returns
PART 1The reporting company
Appointment by a worldwide group of a reporting company
1
1
A member of a worldwide group may, by notice to an officer of Revenue and Customs, appoint an eligible company to be the group's reporting company.
2
The notice must specify the first period of account of the group (“the specified period of account”) in relation to which the appointment is to have effect.
3
An appointment under this paragraph has effect in relation to—
a
the specified period of account, and
b
subsequent periods of account of the group.
4
The notice is of no effect unless—
a
it is given during the period of F212 months beginning with the end of the specified period of account,
b
it is authorised by at least 50% of eligible companies, and
c
it is accompanied by a statement containing the required information.
5
For this purpose “the required information” means—
a
a list of the eligible companies that have authorised the notice, and
b
a statement that the listed companies constitute at least 50% of eligible companies.
6
The notice may be accompanied by a statement that such of the companies listed under sub-paragraph (5)(a) as are specified in the statement do not wish to be consenting companies in relation to returns submitted by the reporting company.
For provision as to the effect of a statement under this subparagraph, see paragraph 11.
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 specified period of account, and
b
was not dormant throughout that period.
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)