The foreign company (¶777-020) has the same meaning as in s. 86 (FA 2015, s. 88(4)).

For accounting periods ending before 28 June 2016, the notional PE profits, in relation to an accounting period, means the profits which would have been the chargeable profits of the foreign company for that period, attributable (in accordance with CTA 2009, ss. 20 to 32) to the avoided PE (¶777-020), had the avoided PE been a permanent establishment in the UK through which the foreign company (¶777-020) carried on the trade mentioned in FA 2015, s. 86(1)(b) (FA 2015, s. 88(5)).

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