SCHEDULES

SCHEDULE 12Controlled foreign companies

Part 4Holding companies: extension of transitional provision

9

1

Part 2 of Schedule 16 to FA 2009 (controlled foreign companies: amendment of exempt activities exemption) is amended as follows.

2

In paragraph 12 (commencement), in sub-paragraph (2)(b) for “2011” substitute “ 2012 ”.

3

In paragraph 15 (qualifying holding companies: periods straddling 1 July 2011)—

a

in sub-paragraph (1)(a) for “2011” substitute “ 2012 ”,

b

in sub-paragraph (2)(a) for “2011” substitute “ 2012 ”, and

c

accordingly, in the heading for “2011” substitute “ 2012 ”.

4

In paragraph 16 (qualifying holding companies: definition of “relevant accounting period”), in paragraph (b) for “2011” substitute “ 2012 ”.

5

In the italic heading before paragraph 17 for “two years before 1 July 2011” substitute “ three years before 1 July 2012 ”.