SCHEDULES
SCHEDULE 25F1Cases where section 747(3) does not apply
F2Part 3AExempt Periods
Sch. 25 Pt. 3A (paras. 15A-15G) inserted (with effect in accordance with Sch. 12 para. 14(2) of the amending Act) by Finance Act 2011 (c. 11), Sch. 12 para. 8
Beginning of exempt period
15B
1
An exempt period begins in relation to a company (“X”) at a time (“the relevant time”) when—
a
X is resident outside the United Kingdom,
b
X is controlled by persons resident in the United Kingdom,
c
there is at least one relevant UK corporate investor in X, and
d
the requirements of paragraph 15C or 15D are met.
2
There is a “relevant UK corporate investor in X” at a particular time if, at that time, there is a company which—
a
is resident in the United Kingdom, and
b
would, on the assumptions set out in sub-paragraph (3), be a company to which an apportionment of X's chargeable profits for the relevant accounting period would fall to be made in circumstances where section 747(5) would not prevent tax being chargeable on the company under section 747(4).
3
The assumptions are—
a
X has chargeable profits for the relevant accounting period,
b
an apportionment of those profits falls to be made under section 747(3) for that period, and
c
no reduction of those profits arises under section 751A, 751AA or 751AB.
4
“The relevant accounting period” means the accounting period of X in which the time mentioned in sub-paragraph (2) falls.
Sch. 25 heading substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 25; S.I. 1998/3173, art. 2