[F1938MControlled foreign companiesU.K.
(1)[F2Section 371SL(1) of TIOPA 2010 (assumption that a CFC] is not a member of any group for the purposes of any provision of the Tax Acts) does not apply for the purposes of this Part.
(2) References in this Part to a company bringing amounts into account, or not bringing them into account, as debits or credits for the purposes of Part 5 or 7 of CTA 2009 include bringing amounts into account, or not bringing them into account, as debits or credits under that Part in determining the [F3assumed taxable total profits] of the company (or in determining that there were no such profits) for the purposes of [F4 Part 9A of TIOPA 2010] (controlled foreign companies). ]
Textual Amendments
F1Pt. 21B inserted (with effect in accordance with Sch. 5 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 5 para. 2
F2Words in s. 938M(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 39(2)
F3Words in s. 938M(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 39(3)(a)
F4Words in s. 938M(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 39(3)(b)