MTT52010 - Administration: The information return: Overview
The filing member is required to submit an information return to HMRC for each accounting period in which the group qualifies for MTT, unless the return has already been submitted to another authority outside the UK with which HMRC has an information sharing agreement (a ‘qualifying authority’). In that case, an overseas return notification can be submitted instead.
This is set out in part 4, schedule 14 to Finance (No.2) Act 2023.
Overseas return notification
If the information return has already been submitted to another qualifying authority, the filing member is not required to submit the information return directly to HMRC (although it may still choose to do so). Instead, an ‘overseas return notification’ may be sent to HMRC.
The overseas return notification will include:
- the name of the jurisdiction to which the information return has been submitted
- the name of the group member that submitted it
HMRC will then obtain a version of the information return for that period from the qualifying authority using its automatic exchange of information processes.
Filing date
The information return or overseas return notification must be submitted to HMRC within 15 months of the end of the accounting period.
However, a group has 18 months to submit either an information return or overseas notification with HMRC for the first accounting period it is subject to MTT.
Amendments
Penalties
Penalties may apply if the filing member fails to submit an information return or overseas return notification by the filing date. See MTT55430.