SCHEDULES

SCHEDULE 12Controlled foreign companies

Part 3Temporary exemption following reorganisation etc

6

1

Section 748 of ICTA (cases where section 747(3) does not apply) is amended as follows.

2

After subsection (1)(e) insert

; or

f

the accounting period ends during an exempt period in relation to the company (see Part 3A of Schedule 25).

3

In subsection (3) for “(e)” substitute “ (f) ”.