Taxation (International and Other Provisions) Act 2010 section 7-7A

Obligation of reporting company to submit interest restriction return

Sections 7 and 7A set out the obligation on a reporting company to file an interest restriction return for a worldwide group's period of account, together with the applicable filing deadlines and the extended deadline available in takeover situations.

• A reporting company must submit an interest restriction return for the relevant period of account to HMRC; where a company is appointed as a replacement reporting company, it need only file if no return has already been submitted.
• The standard filing date is 12 months after the end of the period of account, or 3 months after the date of appointment of a replacement reporting company, whichever is later.
• A return has no legal effect if it is received more than 36 months after the end of the period of account (or, if later, more than 3 months after the reporting company's appointment), subject to a limited exception.
• Where a period of account is cut short within its first 12 months solely because the group's ultimate parent is taken over by another worldwide group, the filing deadline is extended to the later of the normal filing date and 24 months after the start of that shortened period.