History

Pt. 2A inserted by FA 2011, s. 47 and Sch. 12, para. 3, with effect in relation to accounting periods of controlled foreign companies beginning on or after 1 January 2011.


INTRODUCTORY

12B(1)  For the purposes of section 748(1)(ba), a controlled foreign company (“C”) is exempt for an accounting period if the requirements of this Part of this Schedule are satisfied.

12B(2)  The requirements are those imposed as to C's–

(a)business establishment (see paragraph 12C),

(b)business activities (see paragraph 12D),

(c)UK connection (see paragraph 12E), and

(d)finance income and relevant IP income (see paragraph 12F).

History

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