SCHEDULES

SCHEDULE 27 U.K. Group relief in case of non-resident companies etc.

Part II U.K. Consequential amendments

Schedule 24 to the Taxes Act 1988 U.K.

10 U.K. In Schedule 24 to the Taxes Act 1988 (assumptions for calculating chargeable profits etc. of foreign companies), make paragraph 5 sub-paragraph (1) of that paragraph; and after that sub-paragraph insert—

“(2) Where, under Chapter IV of Part X, any relief is in fact surrendered by the company and allowed to another company by way of group relief, it shall be assumed that the chargeable profits of the company, apart from this paragraph, are to be increased by an amount of additional profits equal to the amount of the relief so surrendered and allowed.”.