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HMRC internal manual

Corporate Finance Manual

Debt cap: statement of allocation: submission of initial statement

This guidance applies to worldwide group periods of account ending before or straddling 1 April 2017.

Timing and submission of the initial statement

The statutory time limit for the submission of the statement is within 12 months of the end of the relevant period of account (TIOPA10/S278 and S290).

If there is an authorised company appointed as the reporting body for the relevant period of account then the authorised company submits the statement to the tax office that deals with its corporation tax affairs.

If an authorised company has not been appointed, the statement has to be submitted by:

  • the ultimate parent if is UK resident; or
  • in any other case the UK ultimate parent.

Ultimate parent is defined at CFM90270.

If there is more than one UK ultimate parent then the statement needs to be submitted to the tax office dealing with the corporation tax affairs of each ultimate parent.