ACTAs - an update

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. What approach does HMRC take towards thin capitalisation?

  2. Which of the following statements describes the UK thin capitalization regime?

  3. What will most companies agree as part of an advance thin capitalisation agreement?

  4. On what basis are potential applicants excluded from the advance thin capitalisation agreement programme?

  5. For which transactions can an advance thin capitalisation agreement be agreed on a pre-transactional basis?

  6. Which of the following is not required when making an application for an advance thin capitalisation agreement?

  7. At what point in the advance thin capitalisation agreement process will HMRC normally ask for any additional information that they require?

  8. Who has the right to walk away from the advance thin capitalisation agreement process?

  9. Which HMRC personnel are typically involved with the advance thin capitalisation agreement programme?

  10. What is the likely outcome if a company submits a self assessment corporation tax return that is not in accordance with the terms of an advance thin capitalisation agreement?