Taxation (International and Other Provisions) Act 2010 section 49

Conclusions of enquiry

Section 49 sets out what must be included in a closure notice issued at the end of an HMRC enquiry into an interest restriction return, including when a company may be required to submit new or corrected returns for different periods or different worldwide groups.

• A closure notice must either confirm that no action is needed or specify the steps the company must take to give effect to HMRC's conclusions, and may optionally specify allocated disallowances for particular companies.
• If the original return was made for the wrong period, the closure notice must require the company to resubmit the return for the correct designated period of account, including submitting separate returns if more than one designated period falls within the original period.
• Where HMRC designates a period of account of a different worldwide group, and the company is a member of that group, the closure notice must require the company to submit an interest restriction return for that group's designated period — provided either the UK group companies were already treated as members of the original group, or there are additional UK companies in the relevant group and no other reporting company has been appointed for an overlapping period.
• Where a closure notice requires a company to submit a return for a worldwide group, the company is automatically treated as if it had been appointed as the reporting company for that group and period, regardless of whether the original enquiry related to a different group — though this deemed appointment does not affect the deadline for submission.