182 Returns

A return, in a prescribed form, is required to be made to the appropriate inspector (as defined in section 2) by companies which buy back their own shares or acquire their holding companies’ shares, where such companies consider exemption from the distribution treatment applies to those acquisitions.

The time limit for making such a return is 9 months from the end of the accounting period in which the acquisition takes place. Although the company is obliged to make a return within the 9 month period without being requested to do so, the inspector may request the company to provide a return at an earlier date which must not, in any case, be earlier than 30 days after the inspector’s request. There is provision for penalties for failure to make returns.

Relevant Date: Finance Act 2021