[Part IIIA Exempt Periods]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

[Part IIIA Exempt Periods]

[Introductory

15A

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

Beginning of exempt period

15B

(1)     An exempt period begins in relation to a company (“Xâ€) at a time (“the relevant timeâ€) when—

(a)     X is resident outside the United Kingdom,

(b)     X is controlled by persons resident in the United Kingdom,

(c)     there is at least one relevant UK corporate investor in X, and

(d)     the requirements of paragraph 15C or 15D are met.

(2)     There is a “relevant UK corporate investor in X†at a particular time if, at that time, there is a company which—

(a)     is resident in the United Kingdom, and

(b)     would, on the assumptions set out in sub-paragraph (3), be a company to which an apportionment of X's chargeable profits for the relevant accounting period would fall to be made in circumstances where section 747(5) would not prevent tax being chargeable on the company under section 747(4).

(3)     The assumptions are—

(a)     X has chargeable profits for the relevant accounting period,

(b)     an apportionment of those profits falls to be made under section 747(3) for that

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