Taxation (International and Other Provisions) Act 2010 section 19

Abbreviated return election

Section 19 allows the reporting company of a worldwide group to elect to submit a simplified, abbreviated interest restriction return for a period of account, rather than a full return.

• The reporting company may elect to submit an abbreviated interest restriction return for any period of account in which its appointment has effect.
• A previously made election may also be revoked; both election and revocation take effect for the relevant period of account.
• An abbreviated return election limits what must be included in the interest restriction return, reducing the reporting burden.
• However, making an abbreviated return election means the group loses the ability to carry forward any unused interest allowance from that period (or earlier periods) for use in future periods.