[Part IIA Trading Companies With Limited UK Connection]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

[Part IIA Trading Companies With Limited UK Connection]

[Introductory

12B

(1)     For the purposes of section 748(1)(ba), a controlled foreign company (“Câ€) is exempt for an accounting period if the requirements of this Part of this Schedule are satisfied.

(2)     The requirements are those imposed as to C's—

(a)     business establishment (see paragraph 12C),

(b)     business activities (see paragraph 12D),

(c)     UK connection (see paragraph 12E), and

(d)     finance income and relevant IP income (see paragraph 12F).

Business establishment

12C

(1)     The requirement of this paragraph is that throughout the accounting period C has a business establishment in the territory in which it is resident.

(2)     For the purposes of sub-paragraph (1)—

(a)     paragraph 5(2) to (5) (special rules about residence of the company) applies as it applies for the purposes of Part 2 of this Schedule, and

(b)     paragraph 7 (meaning of “business establishmentâ€) applies as it applies for the purposes of paragraph 6(1)(a).

Business activities

12D

(1)     The requirement of this paragraph is that—

(a)     C's business does not, at any time during the accounting period, include to a substantial extent non-exempt activities, or

(b)     if C is wholly engaged in business

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