The Corporation Tax (Financing Costs and Income) Regulations 2009

CHAPTER 1 APPOINTMENT OF AUTHORISED COMPANY

Appointment of authorised company

19.—(1) An appointment under paragraph 29 of Schedule 15 must be made in accordance with this regulation.

(2) The company seeking to be appointed (“the applicant company”) must make an application in writing to an officer of Revenue and Customs at least 3 months before the time specified in paragraph 31(2) of Schedule 15 (submission of statement of allocated exemptions).

(3) The application must be sent to the tax office that deals with the corporation tax affairs of the applicant company.

(4) The application must specify—

(a) the name and the tax office reference of the applicant company,

(b) the names and the tax office references of the other companies to which Part 4 of Schedule 15 applies,

(c) the first period of account of the worldwide group in relation to which the appointment is to apply, and

(d) except in relation to the ultimate parent, the name of the immediate parent of the applicant company and each of the other companies to which Part 3 of Schedule 15 applies.

(5) The application must contain a statement by the applicant company and by each of the other companies to which Part 4 of Schedule 15 applies—

(a) that the appointment is made under paragraph 17 of Schedule 15,

(b) that the applicant company will act on behalf of all the companies to which Part 4 of Schedule 15 applies for all relevant periods of account for which the appointment has effect,

(c) that no application will be made by a company to amend its company tax return in relation to a financing income amount specified under paragraph 33(4)(b) of Schedule 15 other than through a revised statement submitted by the applicant company in accordance with paragraph 32 of Schedule 15, and

(d) agreeing to be bound by any statement of allocated exemptions or revised statement delivered by the applicant company.

(6) The application must be accompanied by a specimen copy of a statement of allocated exemptions that the applicant company proposes to submit in relation to the relevant period of account.

Supplemental provisions: timing and effect

20.—(1) An appointment under paragraph 29 of Schedule 15 has effect on the date (“the three month date”) that is three months after the application is delivered to the tax office in accordance with regulation 19(3).

This is subject to paragraphs (2) to (4).

(2) An officer of Revenue and Customs may accept the application before the three month date.

(3) Where paragraph (2) applies, the officer of Revenue and Customs may amend the list of companies to which Part 4 of Schedule 15 applies specified under regulation 19(4)(b) to exclude any company that is not a company to which Part 4 of Schedule 15 applies for the relevant period of account.

(4) An appointment under paragraph 29 of Schedule 15 is of no effect if before the three month date an officer of Revenue and Customs refuses the application on the grounds that—

(a) the specimen statement of allocated exemptions provided in accordance with regulation 19(6) is not adequate for the purposes of Part 4 of Schedule 15, or

(b) a company to which Part 4 of Schedule 15 applies has been omitted from the list of companies specified under regulation 19(4)(b).

Duration of appointment

21.  Once an appointment under paragraph 29 of Schedule 15 has effect, it continues to have effect until it ceases to have effect in accordance with regulations 22, 23 or 24.

Revocation of appointment by notice

22.—(1) An appointment under paragraph 29 of Schedule 15 ceases to have effect if revoked by the company appointed under that paragraph by notice in writing to an officer of Revenue and Customs at the tax office that deals with the corporation tax affairs of that company.

(2) The appointment ceases to have effect in relation to the relevant period of account in which the notice is given or such subsequent relevant period of account as may be specified in the notice.

Revocation of appointment on authorised company ceasing to be a UK group company

23.—(1) An appointment under paragraph 29 of Schedule 15 ceases to have effect if the company appointed under that paragraph ceases to be a company to which Part 4 of Schedule 15 applies.

(2) The appointment ceases to have effect in relation to the relevant period of account in which the company ceased to be a company to which Part 4 of Schedule 15 applies and subsequent periods of account.

Revocation of appointment on a company becoming or ceasing to be a company to which Part 4 of Schedule 15 applies

24.—(1) An appointment under paragraph 29 of Schedule 15 ceases to have effect if a company becomes or ceases to be a company to which Part 4 of Schedule 15 applies.

(2) The appointment ceases to have effect in relation to the relevant period of account in which the company becomes or ceases to be a company to which Part 4 of Schedule 15 applies and subsequent periods of account.

(3) But paragraph (1) does not apply if within three months of a company becoming or ceasing to be a company to which Part 4 of Schedule 15 applies, the reporting body notifies an officer of Revenue and Customs at the tax office that deals with its corporation tax affairs of the change.

(4) A notification under paragraph (3) must—

(a) be in writing, and

(b) specify the name and the tax office reference of the company that has become or ceased to be a company to which Part 4 of Schedule 15 applies.

(5) Where a new company has become a company to which Part 4 of Schedule 15 applies the notification must be accompanied by a statement by that company—

(a) that the company appointed under paragraph 29 of Schedule 15 will act on its behalf for all relevant periods of account for which the appointment has effect;

(b) that no application will be made to amend a financing income amount specified under paragraph 33(4)(b) of Schedule 15 other than through a revised statement submitted by the reporting body in accordance with paragraph 20 of Schedule 15;

(c) agreeing to be bound by a statement of allocated exemptions or a revised statement delivered by the reporting body.