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HMRC internal manual

Corporate Finance Manual

Debt cap: statement of allocation: obvious error or omission

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

When the statement is incorrect

Where a statement of allocated disallowances or allocated exemptions does not comply with the information requirements (see CFM91620 or CFM91640) because of an obvious error or omission then the statement can be treated as if it did so comply if the error or omission is corrected by the reporting body as soon as it becomes apparent (regulations 14 and 29).

An obvious error or omission could be one arising from a misunderstanding of the principles of debt cap or a mathematical error. In practice, HMRC staff should examine a statement on receipt and seek to resolve any apparent errors or omissions in a statement through informal discussion with the group.