»Ê¹ÚÌåÓýapp

CTA10/S269DF

Groups having more than one banking company nominate one of the banking companies to act for all of the banking companies in the group.  

»Ê¹ÚÌåÓýapp nominated company is entitled to allocate a maximum group allowance of £100m which is given for each of its accounting periods during which the nomination has effect.  If the nomination only covers part of an accounting period or the nominated company’s accounting period is less than 12 months, the group allowance is proportionally reduced on a time apportionment basis.

Nomination - requirements:

• »Ê¹ÚÌåÓýapp nomination must be signed on behalf of every banking company that is a member of the group when the nomination is made.
• »Ê¹ÚÌåÓýapp nomination should be signed by the proper officer of the company (s108 TMA 1970) or such other person who has been given authority to act on the company’s behalf.
• »Ê¹ÚÌåÓýapp nomination must state when it takes effect (this can be a date before it is made).

Nomination - no longer effective:

• »Ê¹ÚÌåÓýapp nomination  will cease to have effect if a new nomination is made
• »Ê¹ÚÌåÓýapp nomination will cease to have effect if one banking company revokes
• »Ê¹ÚÌåÓýapp nomination will cease to have effect if the nominated company ceases to be a banking company or is no longer a member of the group.

Nomination - time limit

»Ê¹ÚÌåÓýappre is no set time limit for submitting the nomination but in practice this will need to be done before the nominated company submits the group allowance allocation statement for a chargeable accounting period.

Changes to the Group

»Ê¹ÚÌåÓýapp nomination will remain valid when companies, other than the nominated company, join or leave the group.