SCHEDULES

SCHEDULE 20 Controlled foreign companies and foreign permanent establishments

PART 3 Other amendments

CTA 2010

39 (1) Section 938M (group mismatch schemes: controlled foreign companies) is amended as follows.

(2) In subsection (1) for the words from the beginning to “company” substitute “Section 371SL(1) of TIOPA 2010 (assumption that a CFC”.

(3) In subsection (2)—

(a) for “chargeable profits” substitute “assumed taxable total profits”, and

(b) for “Chapter 4 of Part 17 of ICTA” substitute “Part 9A of TIOPA 2010”.