SCHEDULES

F1SCHEDULE 7AInterest restriction returns

Annotations:
Amendments (Textual)
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)

PART 2Contents of interest restriction return

Group-EBITDA (chargeable gains) election

15

1

This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group.

2

The reporting company may elect that Chapter 7 of Part 10 (group-interest and group-EBITDA) is to apply subject to the chargeable gains provisions.

3

An election under this paragraph—

a

has effect in relation to the period of account and subsequent periods of account of the worldwide group, and

b

is irrevocable.

4

An election under this paragraph is referred to in this Part of this Act as a “group-EBITDA (chargeable gains) election”.

5

In this paragraph “the chargeable gains provisions” means the provisions of section 422.