Taxation (International and Other Provisions) Act 2010 section 46

Revision of interest restriction return during enquiry

Section 46 explains what happens when a reporting company submits a revised interest restriction return while HMRC is already conducting an enquiry into the earlier version of that return.

• A revised return submitted during an ongoing HMRC enquiry does not limit the scope of that enquiry, but the revisions can be considered as part of it.
• Any tax impact of the revised return is suspended until the enquiry is completed, although a company may still claim a repayment in advance under section 59DA of the Taxes Management Act 1970.
• Once the enquiry concludes, the revisions take effect immediately if the closure notice confirms they were not considered or that no further changes are needed.
• If the closure notice requires amendments, the revisions take effect as part of the steps needed to give effect to those conclusions.