820Meaning of “qualifying period”U.K.
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(1)This section applies for the purposes of this Chapter.
(2)If section 819 applies for the purposes of section 813, a “qualifying period” means—
(a)the tax year in which the transaction income is chargeable to income tax, or
(b)a period of not more than 5 years comprising two or more tax years including that one.
(3)If section 819 applies for the purposes of section 816, a “qualifying period” means—
(a)the accounting period of the non-UK resident company in which the transaction in question is carried out, or
(b)a period of not more than 5 years comprising two or more complete accounting periods including that one.