SCHEDULE 24ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
Group relief etc.
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F1(1)
The company shall be assumed to be neither a member of a group of companies nor a member of a consortium for the purposes of any provision of the Tax Acts.
F2(2)
Where, under Chapter IV of Part X, any relief is in fact surrendered by the company and allowed to another company by way of group relief, it shall be assumed that the chargeable profits of the company, apart from this paragraph, are to be increased by an amount of additional profits equal to the amount of the relief so surrendered and allowed.
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(1)
In relation to section 247 it shall be assumed—
(a)
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
that the conditions for the making of an election under subsection (4) are not fulfilled with respect to payments made or received by the company.
(2)
References in sub-paragraph (1) above to F4. . . payments received by the company apply to any received by another person on behalf of or in trust for the company, but not to any received by the company on behalf of or in trust for another person.
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F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .