Taxation (International and Other Provisions) Act 2010 section 28

Correction of return by officer of Revenue and Customs

Section 28 sets out the power of HMRC officers to correct errors in interest restriction returns submitted by companies, and explains how companies can reject such corrections.

• An HMRC officer may amend an interest restriction return to correct obvious errors (such as arithmetical mistakes or errors of principle) or anything else the officer believes is incorrect based on available information.
• Any correction must be made by formal notice to the company and cannot be made more than 9 months after the return was submitted.
• A company can reject the correction either by revising the return itself to override the correction, or by giving notice of rejection within 3 months of receiving the correction notice.
• If the company chooses to reject the correction by notice (rather than by revising the return), that notice must be sent to the same HMRC officer who issued the correction.