[F146(1)This paragraph applies if a reporting company submits a revised interest restriction return at a time when an enquiry is in progress into the previous return.U.K.
(2)The submission of the revised return does not restrict the scope of the enquiry but the revisions may be taken into account (together with any matter arising) in the enquiry.
(3)So far as the revised return affects the tax payable by a company, it does not take effect until the enquiry is completed (and, accordingly, paragraph 70 has effect subject to this sub-paragraph).
(4)But sub-paragraph (3) does not affect any claim by the company under section 59DA of TMA 1970 (claim for repayment in advance of liability being established).
(5)The submission of a revised return whose effect is deferred under sub-paragraph (3) takes effect as follows—
(a)if the conclusions in the closure notice state either—
(i)that the revisions were not taken into account in the enquiry, or
(ii)that no revision of the revised return is required arising from the enquiry,
the revision takes effect on the completion of the enquiry, and
(b)in any other case, the revisions take effect as part of the steps required to be taken in order to give effect to the conclusions stated in the closure notice.
(6)For the purposes of this paragraph the period during which an enquiry into an interest restriction return is in progress is the whole of the period—
(a)beginning with the day on which an officer of Revenue and Customs gives notice of enquiry into the return, and
(b)ending with the day on which the enquiry is completed.]
Textual Amendments
F1Sch. 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)