History

Pt. 2B 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

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

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

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

(b)intellectual property business (see paragraph 12J),

(c)other business activities (see paragraph 12K),

(d)UK connection (see paragraph 12L), and

(e)finance income (see paragraph 12M).

History

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