Part 5 Minor and Consequential Amendments

Part 5 Minor and Consequential Amendments

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In the following provisions of ICTA, for “or 751AA†substitute “, 751AA, 751AB or 751ACâ€â€”

(a)     section 747(3A) and (5A) (imputation of chargeable profits and creditable tax of controlled foreign companies),

(b)     section 749(10) (residence),

(c)     section 749A(9) (elections and designations under section 749: supplementary provisions), and

(d)     section 750(3)(ab) (territories with a lower level of taxation).

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In section 751A of that Act (reduction in chargeable profits for certain activities of EEA business establishments), for subsection (4) substitute—

“(4)     The Commissioners may grant the application only if—

(a)     they are satisfied that the specified amount does not exceed the amount (if any) equal to so much of those chargeable profits

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