F1PART 9AControlled foreign companies
Annotations:
Amendments (Textual)
Chapter 10The exempt period exemption
371JDHow long is an exempt period?
1
Subject to what follows, an exempt period of a CFC lasts 12 months.
2
Subsection (3) applies if a notice is given to an officer of Revenue and Customs requesting that the length of an exempt period of a CFC be extended (or further extended).
3
An officer of Revenue and Customs may extend (or further extend) the length of the exempt period.
4
A notice under subsection (2) must be given no later than the end of the exempt period (as it stands at the time the notice is given).
5
A notice under subsection (2) may be given only by a company which, at the time the notice is given, would be a chargeable company for the purposes of the charging condition in section 371JC.
Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)