870 [Omitted by FA 2012, s. 180 and Sch. 20, para. 29.]
S. 870 omitted by FA 2012, s. 180 and Sch. 20, para. 29 with effect in relation to accounting periods of CFCs beginning on or after 1 January 2013 but the amendment is to be ignored so far as appropriate in consequence of the transitional provisions in FA 2012, Sch. 20, para. 50. Former s. 870 read as follows:
“Assumptions for calculating chargeable profits
870(1) In calculating the amount mentioned in section 747(6) of ICTA (chargeable profits of controlled foreign company), the following assumptions must be made when applying this Part.