Taxation (International and Other Provisions) Act 2010 section 371IJ

Claims

Section 371IJ sets out the procedural rules for making, amending and withdrawing claims for exemptions relating to profits from qualifying loan relationships of controlled foreign companies (CFCs).

• Claims must be made through company C's corporation tax return for the relevant accounting period, either in the original return or by amendment
• There are specific time limits for making, amending or withdrawing claims, generally tied to the filing date, completion of any HMRC enquiry, or determination of any appeal — whichever is latest
• If there is a change of circumstances affecting the tested income amount or the aggregate net tax-interest expense, the claim may be amended within 12 months of that change
• The normal time limits for amending a corporation tax return do not override the specific time limits provided by this section for CFC loan relationship exemption claims