Taxation (International and Other Provisions) Act 2010 section Schedule 7A paragraph 2

Revocation by worldwide group of appointment under paragraph 1

Paragraph 2 of Schedule 7A sets out the rules for a worldwide group to revoke a previously made appointment of a reporting company under paragraph 1, including the conditions that must be met for the revocation to be valid.

• Any member of the worldwide group can revoke a paragraph 1 appointment by giving notice to HMRC, specifying the first period of account from which the revocation takes effect
• The revocation notice must be given within 12 months of the end of the specified period of account and must be authorised by at least 50% of eligible companies in the group
• The notice must be accompanied by a list of the eligible companies that authorised it and a statement confirming they represent at least 50% of eligible companies
• A revocation does not prevent the group from making a fresh appointment under paragraph 1, either at the same time as the revocation or at a later date