Amendments to the Postal Services Act 2011 (Taxation) Regulations 2012
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2.—(1) Regulation 6 (exemption from corporation tax) of the Postal Services Act 2011 (Taxation) Regulations 2012(1) is amended as follows.
(2) In paragraph (1), for “that begins and ends before 1st April 2015” substitute “in which it is wholly owned by the Crown within the meaning of sections 14 and 15(1) of the Act”.
(3) After paragraph (1) insert—
“(1A) Where BCL ceases to be wholly owned by the Crown otherwise than at the end of an accounting period—
(a)the accounting period during which it ceases to be wholly owned by the Crown is treated for the purposes of corporation tax as ending when it so ceases; and
(b)its profits and losses are to be computed accordingly for those purposes.”
(1)