Taxation (International and Other Provisions) Act 2010 section 55

References to a reporting company where replaced

Section 55 clarifies how references to the reporting company should be interpreted when one reporting company is replaced by another during the same period of account of a worldwide group.

• A worldwide group must appoint a reporting company for each period of account to handle its interest restriction returns and related obligations.
• Sometimes, the original reporting company is replaced by a newly appointed reporting company during the same period of account.
• When this happens, any reference in the legislation to "the reporting company" for that period of account means whichever company holds the reporting company role at the particular point in time being considered.
• This ensures there is no ambiguity about which company is responsible for reporting obligations at any given moment during the period of account.