SCHEDULES
SCHEDULE 20Controlled foreign companies and foreign permanent establishments
PART 3Other amendments
CTA 2010
37
CTA 2010 is amended as follows.
F138
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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
”
.
40
In section 1139 (definition of “tax advantage”) in subsection (2) —
a
omit the “or” after paragraph (d), and
b
after paragraph (d) insert—
da
the avoidance or reduction of a charge or assessment to a charge under Part 9A of TIOPA 2010 (controlled foreign companies), or