Part II Exempt Activities
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

Part II Exempt Activities

5

(1)     The provisions of this Part of this Schedule have effect for the purposes of paragraph (b) of subsection (1) of section 748.

[(1A)     Except as provided in paragraph 8 below, the provisions of this Part of this Schedule apply in relation to a company which is resident in an EEA territory in the same way as they apply in relation to a company which is resident elsewhere.]

(2)     In the case of a controlled foreign company—

(a)     which is, by virtue of section [749(5)], presumed to be resident in a territory in which it is subject to a lower level of taxation, and

(b)     the business affairs of which are, throughout the accounting period in question, effectively managed in a territory outside the United Kingdom other than one in which companies are liable to tax by reason of domicile, residence or place of management,

references in the following provisions of this Part of this Schedule to the territory in which that company is resident shall be construed as references to the territory falling within paragraph (b) above, or, if there is more than one, to that one of them which may be notified

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