HMRC has published final guidance regarding the new corporate interest restriction (CIR), including confirmation of how returns, elections and other documents are to be filed (see bit.ly/2nqOMVN). This will be of immediate relevance to groups for whom 31 March 2018 is the deadline to appoint a CIR ‘reporting company’ and to make certain CIR elections. Noteworthy changes to the guidance include:
Appointing a reporting company: HMRC has published a revised guidance note confirming the process for groups to notify HMRC of the group’s CIR ‘reporting company’ online via the government gateway.
Filing CIR elections that must be made outside a return: HMRC has confirmed that (save where the group has a customer compliance manager) any CIR elections that must be made outside a CT or CIR return should be submitted by post to: Wealthy mid-sized business, HMRC, BX9 1BN. There is no facility available to submit these elections online.
Rob Norris & Richard Rudman, KPMG (KPMG’s Tax Matters Digest)
HMRC has published final guidance regarding the new corporate interest restriction (CIR), including confirmation of how returns, elections and other documents are to be filed (see bit.ly/2nqOMVN). This will be of immediate relevance to groups for whom 31 March 2018 is the deadline to appoint a CIR ‘reporting company’ and to make certain CIR elections. Noteworthy changes to the guidance include:
Appointing a reporting company: HMRC has published a revised guidance note confirming the process for groups to notify HMRC of the group’s CIR ‘reporting company’ online via the government gateway.
Filing CIR elections that must be made outside a return: HMRC has confirmed that (save where the group has a customer compliance manager) any CIR elections that must be made outside a CT or CIR return should be submitted by post to: Wealthy mid-sized business, HMRC, BX9 1BN. There is no facility available to submit these elections online.
Rob Norris & Richard Rudman, KPMG (KPMG’s Tax Matters Digest)