Taxation (International and Other Provisions) Act 2010 section 68

Elections under section 375, 377 or 380

Section 68 specifies how and when a company must make certain elections relating to the disallowance or reactivation of interest expense amounts under the corporate interest restriction rules.

• Elections under sections 375, 377 or 380 must be made through the company's own corporation tax return for the relevant accounting period.
• The election may be included in the original return or made by amending the return.
• The same requirements apply if the company wishes to revoke any of these elections.
• The elections cover three scenarios: opting out of a pro-rata share of disallowed interest (section 375), choosing which specific interest amounts to disallow (section 377), and choosing which specific interest amounts to bring back into account when amounts are reactivated (section 380).