Related Commentary  Related HMRC Manuals

371JB(1)  The exempt period exemption applies for a CFC's accounting period if–

(a)the accounting period ends during an exempt period of the CFC (see sections 371JC and 371JD),

(b)the subsequent period condition is met, and

(c)the chargeable company condition is met.

371JB(2)  The subsequent period condition is met if–

(a)the CFC does not cease to be a CFC before having at least one accounting period which begins after the end of the exempt period, and

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