INTM215500 - Controlled Foreign Companies: before CTSA
Reliefs: disclaimer of relief - time limit
ICTA88/SCH24/PARA4 (2)
A company must give notice disclaiming reliefs that the Inspector must otherwise assume it claims – see INTM215480. It must do this within sixty days of the date of the notice of direction. The Board may, in any particular case, allow a longer period. The Inspector should normally accept notices of disclaimer given later than the sixty day time limit. The Inspector can do this where
- the amount of the chargeable profits of the controlled foreign
company is not finally determined, as would be the case if there
was no appeal against the notice of direction or an appeal had been
settled and
- the apportionment of the chargeable profits results in assessments on only a single company or companies which are connected or associated.
It may be that (a) and (b) above do not apply. The Inspector may also consider that acceptance of a late disclaimer may increase the liability of a minority shareholder, that is one who is not a party to it. In such a case the Inspector should find out the reasons for the delay and submit the case to CT & VAT, International CT.
