SCHEDULES
SCHEDULE 17 Controlled foreign companies
Section 751
6
1
Section 751 of the Taxes Act 1988 (accounting periods and creditable tax) shall be amended as follows.
2
In subsection (1) (occasions on which an accounting period begins) in paragraph (b) (company commencing to carry on business)—
a
the words “not being the subject of an earlier direction under section 747(1)" shall cease to have effect; and
b
after “commences to carry on business" there shall be inserted “
unless an accounting period of the company has previously begun as respects which an apportionment under section 747(3) falls or has fallen to be made
”
.
3
In subsection (5) (direction may specify accounting period where beginning or end appears uncertain)—
a
for “a direction under section 747(1) may" there shall be substituted “
the Board may by notice
”
; and
b
for “the direction" there shall be substituted “
the notice
”
.
4
In subsection (5) (power to amend so as to specify true accounting period where further facts come to the knowledge of the Board after making a direction)—
a
for “making of a direction (including facts emerging on an appeal against notice of the making of the direction)" there shall be substituted “
giving of a notice under subsection (4) above
”
; and
b
for “direction", in the third and fourth places where it occurs, there shall be substituted “
notice
”
.
5
After subsection (5) there shall be inserted—
5A
Any notice under subsection (4) above, and notice of any amendment of such a notice under subsection (5) above, shall be given to every person who has an assessable interest (as defined in section 749(9)) in the company in the accounting period in question.
6
In subsection (6) (meaning of “creditable tax") for “in respect of which a direction is given under section 747(1)" there shall be substituted “
as regards which an apportionment under section 747(3) falls to be made
”
.