SCHEDULES

SCHEDULE 31 Controlled foreign companies

Businesses to which requirement as to derivation of receipts applies

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(1)

In Part II of Schedule 25 (exempt activities) amend paragraph 11 as follows.

(2)

In sub-paragraph (1) (meaning of “wholesale, distributive or financial business” for purposes of paragraph 6(2)(b))—

(a)

in the opening words, for “or financial" substitute “ financial or service ”;

(b)

omit the word “and" immediately preceding paragraph (g); and

(c)

at the end of paragraph (g) add“; and

(h)

the provision of services not falling within any of the preceding paragraphs.”