Taxation (International and Other Provisions) Act 2010 section 53

New groups without existing reporting company

Section 53 allows HMRC to appoint a reporting company for a newly designated worldwide group where no reporting company currently exists and the original company receiving the closure notice is not a member of that new group.

• This provision applies when a closure notice under paragraph 47 designates a period of account for a new worldwide group, but the company receiving the notice is not a member of that new group during the relevant period.
• It only applies where paragraph 51 (which covers other scenarios for appointing reporting companies) does not already apply.
• An HMRC officer may appoint a company to act as the reporting company for the new group for the designated period, provided that company was an active UK group company during that period.
• The appointment must be made within three months of the date the closure notice was issued.