Subject to what follows, an exempt period of a CFC lasts 12 months.

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).

An officer of Revenue and Customs may extend (or further extend) the length of the exempt period.

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).

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.