Taxation (International and Other Provisions) Act 2010 section 70

Other cases where company must amend its return etc.

Section 70 requires a company to amend its corporation tax return when an interest restriction return reveals that information in the company's return is incorrect, and explains the time limits for doing so.

• If an interest restriction return shows that a company's already-filed corporation tax return contains incorrect information (such as the amount of taxable profits), the company must amend the return to correct it.
• The amendment must be made by the later of two deadlines: three months after the interest restriction return was submitted, or the normal time limit for amending a corporation tax return.
• Where HMRC issues a determination under paragraphs 56 or 58 (which relate to HMRC-imposed restrictions), and the company has already filed its return, the return is automatically treated as amended to reflect that determination.
• The obligation to amend applies to any type of error resulting from the interest restriction return, not just changes to the amount of chargeable profits — that is given only as an example.

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