SCHEDULES
SCHEDULE 25Cases where section 747(3) does not apply
F1Part 2ATrading Companies with Limited UK Connection
Introductory
12B
(1)
For the purposes of section 748(1)(ba), a controlled foreign company (“C”) is exempt for an accounting period if the requirements of this Part of this Schedule are satisfied.
(2)
The requirements are those imposed as to C's—
(a)
business establishment (see paragraph 12C),
(b)
business activities (see paragraph 12D),
(c)
UK connection (see paragraph 12E), and
(d)
finance income and relevant IP income (see paragraph 12F).