SCHEDULES

SCHEDULE 31 Controlled foreign companies

Other holding companies

7

1

In Part II of Schedule 25 (exempt activities) amend paragraph 6 as follows.

F12

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

In sub-paragraph (5) (interpretation of sub-paragraphs (3) to (4B)) after “a reference to a trading company" insert

to which sub-paragraph (5ZA) or (5ZB) below applies.

5ZA

This sub-paragraph applies to a trading company

9

After sub-paragraph (5ZA) insert—

5ZB

This sub-paragraph applies to a trading company if—

a

it is a controlled foreign company by virtue of subsection (1A) of section 747; and

b

the person who satisfies the requirement in paragraph (b) of that subsection in relation to the company also controls the holding company or superior holding company.

F210

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F211

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .