In the latest issue (130) of HMRC’s Agent Update HMRC announced a U-turn on their approach to historic reporting company nominations required for corporate interest restriction (CIR) returns.
HMRC have now published details of their approach in relation to the appointment of a reporting company. For periods ending on or after 31 March 2021 and on or before 31 March 2024 it will not pursue the specific point that failure to validly appoint a reporting company would invalidate the filed interest restriction returns. For earlier periods (ending before 31 March 2021) where HMRC have identified that no reporting company has been appointed they are still considering their position. For periods ending after 31 March 2024 groups should be making sure that they have a valid reporting company appointed before they submit an interest restriction return. The guidance in Corporate Finance Manual at CFM98485 continues to...
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In the latest issue (130) of HMRC’s Agent Update HMRC announced a U-turn on their approach to historic reporting company nominations required for corporate interest restriction (CIR) returns.
HMRC have now published details of their approach in relation to the appointment of a reporting company. For periods ending on or after 31 March 2021 and on or before 31 March 2024 it will not pursue the specific point that failure to validly appoint a reporting company would invalidate the filed interest restriction returns. For earlier periods (ending before 31 March 2021) where HMRC have identified that no reporting company has been appointed they are still considering their position. For periods ending after 31 March 2024 groups should be making sure that they have a valid reporting company appointed before they submit an interest restriction return. The guidance in Corporate Finance Manual at CFM98485 continues to...
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