SCHEDULE 24ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
General
1
(1)
The company shall be assumed to be resident in the United Kingdom.
(2)
Nothing in sub-paragraph (1) above requires it to be assumed that there is any change in the place or places at which the company carries on its activities.
(3)
For the avoidance of doubt, it is hereby declared that, if any sums forming part of the company’s profits for an accounting period have been received by the company without any deduction of or charge to tax F1and have been so received by virtue of F2section 1279 of CTA 2009 the effect of the assumption in sub-paragraph (1) above is that those sums are to be brought within the charge to tax for the purposes of calculating the company’s chargeable profits or corresponding United Kingdom tax.
F3(3A)
In any case where—
(a)
it is at any time necessary for any purpose of Chapter IV of Part XVII to determine F4in the case of any person the chargeable profits of the company for an accounting period, and
(b)
at that time—
F5(i)
it has not been established in the case of that person that that or any earlier accounting period of the company is an accounting period in respect of which an apportionment under section 747(3) falls to be made, F6. . .
(ii)
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7in determining the chargeable profits of the company for the accounting period mentioned in paragraph (a) above, it shall be assumed, for the purposes of those provisions of paragraphs 2 and 10 below which refer to the first accounting period in respect of which an apportionment under section 747(3) falls to be made F8. . . , that that period (but not any earlier period) is an accounting period in respect of which such an apportionment falls to be made F8. . . .
(4)
In any case where—
(a)
it is at any time necessary for any purpose of Chapter IV of Part XVII to determine F9in the case of any person the chargeable profits of the company for an accounting period, and
F10(b)
at that time it has not been established in the case of that person that that or any earlier accounting period of the company is an accounting period in respect of which an apportionment under section 747(3) falls to be made,
F11in determining the chargeable profits of the company for the accounting period mentioned in paragraph (a) above, it shall be assumed, for the purposes of those provisions of paragraph 9 below which refer to the first accounting period in respect of which an apportionment under section 747(3) falls to be made, that such an apportionment falls to be made in respect of that period (but not in respect of any earlier period).
(5)
Nothing in this Schedule affects any liability for, or the computation of, corporation tax in respect of a trade which is carried on by a company resident outside the United Kingdom through a F12permanent establishment in the United Kingdom.
F13(6)
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .