Taxes Consolidation Act 1997 section 817Y

Reporting

Section 817Y requires companies that make payments of interest, royalties, or relevant distributions to associated entities in specified territories to report prescribed details of those payments in their tax returns.

• Companies must report details of interest, royalty, and distribution payments made to associated entities resident in a specified territory, or to permanent establishments of associated entities situated in a specified territory.
• For each payment or distribution the company must report the amount paid, the amount of tax withheld, and the territory where the recipient entity or permanent establishment is resident or situated.
• The reporting obligation applies to all such payments made during the chargeable period and the details must be included in the return required under Chapter 3 of Part 41A.
• The requirement covers payments to an associated entity that is resident in a specified territory and is not also resident in a non-specified territory.