SCHEDULES

SCHEDULE 20Controlled foreign companies and foreign permanent establishments

PART 3Other amendments

FA 1998

16

In section 32 (unrelieved surplus advance corporation tax) for subsection (5) substitute—

5

The provision which may be made by regulations under this section includes provision for or in connection with enabling unrelieved surplus advance corporation tax to be set against liability to a sum charged at step 5 in section 371BC(1) of the Taxation (International and Other Provisions) Act 2010 (controlled foreign companies) as if it were an amount of corporation tax for an accounting period.