SCHEDULES

SCHEDULE 12 U.K.Controlled foreign companies

Part 3 U.K.Temporary exemption following reorganisation etc

6 (1) Section 748 of ICTA (cases where section 747(3) does not apply) is amended as follows. U.K.

(2) After subsection (1)(e) insert “; or

(f) the accounting period ends during an exempt period in relation to the company (see Part 3A of Schedule 25).”

(3) In subsection (3) for “(e)” substitute “ (f) ”.