This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
The Regulations amend the Corporation Tax (Simplified Arrangements for Group Relief) Regulations 1999 (S.I. 1999/2975) (“the principal Regulations”). The principal Regulations make provision for simplified arrangements under which corporation tax group relief may be claimed or surrendered by an authorised company acting on behalf of companies in the group. Finance (No. 2) Act 2017 (c. 32) amended the corporation tax group relief provisions to provide for corporation tax group relief in respect of carried-forward losses. The Regulations amend the principal Regulations such that simplified arrangements can be used in respect of corporation tax group relief for carried-forward losses.
Regulation 1 provides for citation and commencement.
Regulation 2 introduces the amendments to the principal Regulations.
Regulation 3 amends the introductory provisions and confirms that simplified arrangements entered into after these Regulations come into force can only be used for claims and surrenders of group relief for carried-forward losses for accounting periods beginning on or after 1st April 2017.
Regulations 4 amends the interpretative provisions, inserting a new definition of group relief for carried-forward losses and updating references to reflect the Corporation Tax Act 2010 coming into force.
Regulations 5 and 6 make amendments to the application process. Regulation 5 provides that the application to use simplified arrangements must specify whether it covers group relief, group relief for carried-forward losses or both and provides for a different form of specimen statement to be provided if the application encompasses group relief for carried-forward losses. Regulation 6 then makes minor amendments to reflect the fact that different statements will be provided for group relief and group relief for carried-forward losses.
Regulation 7 extends regulation 9A of the principal Regulations to ensure its provisions apply equally in respect of group relief for carried-forward losses.
Regulation 8 introduces new regulation 10(2A) which permits a company to submit a statement containing information necessary for the amendment of its tax returns, and the tax returns of the authorising companies, for the purposes of group relief for carried-forward losses. The other amendments specify the information to be contained in such statements and the consequences of failing to include such information or making an incorrect claim.
Regulation 9 updates references to the Commissioners and officers of the Inland Revenue to reflect the Commissioners for Revenue and Customs Act 2005 coming into force.
A Tax Information and Impact Note covering this instrument will be published on the HMRC website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
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