Part 4 Commencement Provision
Finance Act 2012 (2012 c 14) | Legislation

Part 4 Commencement Provision

Commencement provision relating to controlled foreign companies etc

49

(1)     The CFC charge is charged in relation to accounting periods of CFCs beginning on or after 1 January 2013.

(2)     The first accounting period of a company which is a CFC at the beginning of 1 January 2013 begins at that time.

(3)     Sub-paragraph (2) is subject to paragraph 50 below.

(4)     This paragraph is to be read as if contained in Part 9A of TIOPA 2010.

50

(1)     The repeal of Chapter 4 of Part 17 of ICTA by paragraph 14 above has no effect for accounting periods within the meaning of that Chapter (see section 751) beginning before 1 January 2013.

(2)     Sub-paragraphs (3) and (4) apply to a company which—

(a)     has an accounting period within the meaning of Chapter 4 of Part 17 of ICTA beginning

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