RPDT20630 - The Charge to RPDT: joint venture allowance: process for submitting notional allowance statement

Where B, or their nominated company, wishes to allocate an amount of notional allowance, it will need to provide a notional allowance statement to HMRC. The information that must be included within a notional allowance statement is set out in regulation 10 SI 2022/266, being that the statement must:

  • be made in writing to HMRC
  • specify the financial year to which the notional allowance statement relates
  • be signed on behalf of B or their nominated company
  • identify the ultimate parent of the group
  • specify the UTR of any joint venture company to which a notional allowance is being allocated, alongside the end date of the accounting period to which the allocation relates, the amount of notional allowance being allocated to that company and the members of B’s group which are members of the joint venture company

The notional allowance statement needs to be submitted to HMRC by the later of:

  • 12 months after the end of the financial year to which the statement relates
  • if an enquiry into a tax return of a relevant joint venture company for an accounting period which is the same as or overlaps with that financial year is opened, 30 days after the completion of that enquiry
  • if after the completion of such an enquiry HMRC amends the return, within 30 days of the notice of amendment
  • if an appeal is brought against such an amendment, 30 days after the appeal is finally determined

Where the nominated company intends to submit the notional allowance statement at the same time as its CT return, a section of the RPDT supplementary page CT600N includes fields for this purpose.

purpose.

If the nominated company instead intends to submit the notional allowance statement at a different time, the necessary information can be submitted to rpdtadministration@hmrc.gov.uk

Any amendments to a notional allowance statement must be made by the later of:

  • 24 months after the end of the financial year to which the statement relates
  • if an enquiry into a tax return of a relevant joint venture company for an accounting period which is the same as or overlaps with that financial year is opened, 30 days after the completion of that enquiry
  • if after the completion of such an enquiry HMRC amends the return, within 30 days of the notice of amendment
  • if an appeal is brought against such an amendment, 30 days after the appeal is finally determined

If the submission or amendment of a notional allowance statement means that a company tax return must also be amended, the usual time limits for any amendments to that return do not apply to the extent that the amendment is being made as a consequence of the submission or amendment of the statement. The amendment to the company tax return must instead be made within 30 days of the statement or amendment being made.

RPDT01100 contains a general introduction to RPDT and a list of abbreviations used.