43(1)Schedule 24 to the Taxes Act 1988 (assumptions in relation to controlled foreign companies etc) shall be amended as follows.
(2)In paragraph 6—
(a)in sub-paragraph (1), paragraph (a) (which makes provision in relation to section 247(1)) shall cease to have effect; and
(b)in sub-paragraph (2), the words “dividends or” shall cease to have effect.
(3)Paragraph 7 (which makes provision in relation to section 240) shall cease to have effect.
(4)This paragraph has effect in relation to accounting periods of companies resident outside the United Kingdom which begin on or after 6th April 1999.