Section 269DF | Group surcharge allowance and the nominated company ^F1

(1)This section applies where—^F1

(a)two or more members of a group are banking companies, and^F1

(b)all the banking companies that are members of the group together nominate (the “group allowance nomination”) one of their number (the “nominated company”) for the purposes of this Chapter.^F1

(2)The “group surcharge allowance” for the group is £100,000,000 for each accounting period of the nominated company throughout which the group allowance nomination has effect.^F1F2

(3)If the group allowance nomination takes effect, or ceases to have effect, part of the way through an accounting period of the nominated company, the “group surcharge allowance” for the group for that period is—^F1F3

(4)If an accounting period of the nominated company is less than 12 months, the group surcharge allowance for that period is proportionally reduced.^F1

(5)A group allowance nomination must state the date on which it is to take effect (which may be earlier than the date the nomination is made).^F1

(6)A group allowance nomination is of no effect unless it is signed by the appropriate person on behalf of each company that is, when the nomination is made, a member of the group and a banking company.^F1

(7)A group allowance nomination ceases to have effect—^F1

(a)immediately before the date on which a new group allowance nomination in respect of the group takes effect,^F1

(b)upon the appropriate person in relation to a banking company that is a member of the group notifying an officer of Revenue and Customs, in writing, that the group allowance nomination is revoked, or^F1

(c)upon the nominated company ceasing to be a banking company or ceasing to be a member of the group.^F1

(8)The Commissioners for Her Majesty's Revenue and Customs may by regulations make further provision about a group allowance nomination or any notification under this section including, in particular, provision—^F1

(a)about the form and manner in which a nomination or notification may be made,^F1

(b)about how a nomination may be revoked and the form and manner of such revocation,^F1

(c)requiring a person to notify HMRC of the making or revocation of a nomination,^F1

(d)requiring a person to give information to HMRC in connection with the making or revocation of a nomination or the giving of a notification,^F1

(e)imposing time limits in relation to making or revoking a nomination or giving a notification, and^F1

(f)providing that a nomination or its revocation, or a notification, is of no effect, or ceases to have effect, if time limits or other requirements under the regulations are not met.^F1

(9)In this Chapter “the appropriate person”, in relation to a company, means—^F1

(a)the proper officer of the company, or^F1

(b)such other person as may for the time being have the express, implied or apparent authority of the company to act on its behalf for the purposes of this Chapter.^F1

(10)Subsections (3) and (4) of section 108 of TMA 1970 (responsibility of company officers: meaning of “proper officer”) apply for the purposes of subsection (9) as they apply for the purposes of that section.^F1