Taxation (International and Other Provisions) Act 2010 section 10

Meaning of "consenting company" and "non-consenting company"

Section 10 defines what it means for a company to be a "consenting company" or a "non-consenting company" in relation to an interest restriction return submitted by a reporting company.

• A company becomes a consenting company by notifying both HMRC and the reporting company that it wishes to be treated as such before the return is submitted.
• A company can withdraw its consent by notifying the same parties that it no longer wishes to be a consenting company.
• A company that has not given consent, or has withdrawn it before the return is submitted, is a "non-consenting company" in relation to that return.
• Consent status is assessed at the point the interest restriction return is submitted, not at any later date.