[371KB The basic rule]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[371KB  The basic rule]

[(1)     The excluded territories exemption applies for a CFC's accounting period if—

(a)     the CFC is resident (see section 371KC) in an excluded territory for the accounting period,

(b)     the total of the following amounts is no more than the threshold amount for the accounting period (see section 371KD)—

(i)     the CFC's category A income (if any) for the accounting period (see sections 371KE and 371KF),

(ii)     the CFC's category B income

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