The Corporation Tax (Financing Costs and Income) Regulations 2009

CHAPTER 2 STATEMENT OF ALLOCATED DISALLOWANCES

Submission of statement of allocated disallowances

10.—(1) A statement of allocated disallowances must be submitted to the tax office dealing with the corporation tax affairs of—

(a) in a case in which an appointment under paragraph 17 of Schedule 15 has effect in relation to the relevant period of account, the company appointed under that paragraph, or

(b) in a case in which such an appointment does not have effect in relation to the relevant period of account—

(i) the ultimate parent where that entity is resident in the United Kingdom, or

(ii) in any other case, the UK ultimate parent.

(2) In a case within paragraph (1)(b)(ii), if there is more than one UK ultimate parent the statement of allocated disallowances must be submitted to the tax office dealing with the corporation tax affairs of each.

Information to be given in connection with a statement of allocated disallowances

11.  A statement of allocated disallowances must be accompanied by the following information—

(a) the full name and the unique taxpayer number in relation to each company listed in the statement in accordance with paragraph 21(4)(a) of Schedule 15,

(b) where a company has delivered a tax return for a relevant accounting period and as a result of submitting a statement or revised statement—

(i) there is a change in the amount of profits on which corporation tax is chargeable for the period, or

(ii) any other information contained in the return is incorrect,

details of the change mentioned in paragraph (i) or the information mentioned in paragraph (ii).

Statement of allocated disallowances treated as received within specified time

12.—(1) A statement of allocated disallowances which is not received by HMRC by the time specified (“the specified time”) in paragraph 19(2) of Schedule 15, shall be treated as if it were so received in one of the circumstances specified in paragraph (2).

(2) The specified circumstances are—

(a) the statement was submitted without unreasonable delay and this regulation has not applied in relation to any previous statement of allocated disallowances, or

(b) the statement was submitted as soon as possible but was not received by the specified time for exceptional reasons beyond the control of the reporting body.

Revised statement of allocated disallowances treated as received within specified time

13.—(1) A revised statement of allocated disallowances which is not received by HMRC by the time specified (“the specified time”) in paragraph 20(2) of Schedule 15, shall be treated as if it were so received if conditions A and B are met.

(2) Condition A is that the statement is received in one of the following circumstances.

Circumstance 1

A notice of enquiry is given before the specified time in relation to the company tax return of a company to which Part 3 of Schedule 15 applies, the enquiry is not completed until after the specified time and the revised statement is received by HMRC by the last of the following dates—

(a) 30 days after the enquiry is completed;

(b) if the return is amended by notice under paragraph 34(2) of Schedule 18 to the Finance Act 1998(1), 30 days after the notice is given;

(c) if an appeal is brought against such an amendment, 30 days after the date on which the appeal is finally determined.

Circumstance 2

A determination under paragraph 36 of Schedule 18 to the Finance Act 1998 is made in relation to a company to which Part 3 of Schedule 15 applies which is superseded by a self-assessment in accordance with paragraph 40 of that Schedule and the revised statement is received by HMRC within 30 days of delivery of the company tax return.

Circumstance 3

A discovery assessment or discovery determination is made under paragraph 41 of Schedule 18 to the Finance Act 1998 in relation to a company to which Part 3 of Schedule 15 applies and the revised statement is received by HMRC by the last of the following dates—

(d) 30 days after the discovery assessment or discovery determination is made;

(e) if an appeal is brought against the discovery assessment or discovery determination, 30 days after the date on which the appeal is finally determined.

Circumstance 4

An amendment is made under paragraph 34(2A) of Schedule 18 to the Finance Act 1998 in relation to a company to which Part 3 of Schedule 15 applies and the revised statement is received by HMRC by the last of the following dates—

(f) 30 days after the notice of the amendment is given;

(g) if an appeal is brought against such an amendment, 30 days after the date on which the appeal is finally determined.

(3) Condition B is that the amount of the difference between—

(a) the financing expense amounts specified in accordance with paragraph 21(4)(b) of Schedule 15 in the statement of allocated disallowances, and

(b) the amounts so specified in the revised statement,

does not exceed the change made to the amount of profit on which corporation tax is chargeable as a result of the enquiry, determination, assessment or amendment referred to in paragraph (2).

Statement of allocated disallowances treated as complying with paragraph 21 of Schedule 15

14.  A statement of allocated disallowances which does not comply with paragraph 21 of Schedule 15 because of an obvious error or omission in the statement (whether an error of principle, an arithmetical mistake or otherwise) shall be treated as if it did so comply if the error or omission is corrected by the reporting body as soon as it becomes apparent.

(1)

1998 c. 36; paragraph 34(1) to (2A) of paragraph 34 of Schedule 18 are to be substituted for sub-paragraphs (1) and (2) by section 119(6) of the Finance Act 2008 (c. 9) with effect from 1st April 2010 (by virtue of S.I. 2009/405).