Taxation (International and Other Provisions) Act 2010 section 11

Company authorising reporting company appointment treated as consenting company

Section 11 explains how a company that authorises the appointment of a reporting company is automatically treated as a consenting company, unless it has explicitly opted out.

• A company that authorises the appointment of a reporting company is automatically treated as a consenting company, unless it states otherwise.
• Consenting company status means the company is deemed to have agreed, from the time of appointment, to be bound by interest restriction returns submitted by the reporting company.
• A company that has not opted out is treated as having given its consent at the time the reporting company was appointed.
• Even after being automatically treated as a consenting company, the company retains the right to withdraw its consent at any time by giving a notice to that effect.