SCHEDULES
SCHEDULE 16Controlled foreign companies
Part 1Abolition of acceptable distribution policy exemption
Consequential amendments
2
1
ICTA is amended as follows.
2
Omit section 754A (returns where it is not established whether acceptable distribution policy applies).
3
In section 801 (dividends paid between related companies: relief for UK and third country taxes), omit subsections (2A)(aa), (2B), (6) and (7).
4
Omit section 801C (double taxation relief: separate streaming of dividend so far as representing an ADP dividend of a CFC).
5
In section 803A (foreign taxation of group as single entity), omit subsection (1A).
6
In Schedule 24 (assumptions for calculating chargeable profits, creditable tax and corresponding UK tax of foreign companies), omit—
a
in paragraph 1(3A), paragraph (b)(ii) (and the “and” before it) and the words “or which is an ADP exempt period” (in both places),
b
paragraph 1(6),
c
paragraph (b) of paragraph 2(1) (and the “or” before it),
d
paragraph (b) of paragraph 4(1A) (and the “or” before it),
e
paragraph 4(3A),
f
in paragraph 9(1)(c), “, and is not to be assumed by virtue of paragraph 2(1)(b) above to have been resident,”, and
g
paragraph (b) of paragraph 10(1) (and the “or” before it).