SCHEDULE 42 Controlled Foreign Companies: Exempt Activities
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 42 Controlled Foreign Companies: Exempt Activities

Section 200

Introductory

1

Part 2 of Schedule 25 to the Taxes Act 1988 (controlled foreign companies: exempt activities) is amended as follows.

Companies engaged in wholesale, distributive, financial or service business

2

(1)     Paragraph 6 (meaning of “engaged in exempt activitiesâ€) is amended as follows.

(2)     . . .

(3)     In sub-paragraph (2A) (persons from whom less than 50% of the gross trading receipts of a wholesale etc business of the controlled foreign company must be derived) omit the word “and†immediately preceding paragraph (c) and at the end of that paragraph add

“;

(d)     persons not falling within paragraphs (a) to (c) above which are companies resident in the United Kingdom;

(e)     persons not falling within paragraphs (a) to (c) above which are companies not resident in the United Kingdom which carry on business through a branch or agency in the United Kingdom;

(f)     persons not falling within paragraphs (a) to (c) above who are individuals habitually resident in the United Kingdom;

but where the company is a controlled foreign company falling within sub-paragraph (2B) below, paragraphs (d) to (f) above shall be disregarded.â€.

(4)     After sub-paragraph (2A) insert—

“(2µþ)

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