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

[371NB  The basic rule]

[(1)     Take the following steps to determine if the tax exemption applies for a CFC's accounting period.

Step 1

Applying section 371TB, determine the territory (“the CFC's territory”) in which the CFC is resident for the accounting period.

If no territory of residence can be determined by applying section 371TB, the tax exemption cannot apply and no further steps are to be

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