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| | Schedule 20, page 520, line 28, at end insert— |
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| | | ‘Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991) |
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| | | 42A | The Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991) |
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| | | 42B(1) | Regulation 8A is amended as follows. |
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| | | (a) | in sub-paragraph (a) for “controlled foreign company” substitute |
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| | | “CFC (within the meaning of Part 9A of the Taxation (International |
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| | | and Other Provisions) Act 2010)”, and |
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| | | (b) | in sub-paragraph (b) for “controlled foreign company” substitute |
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| | | (a) | for “controlled foreign company’s” substitute “CFC’s”, and |
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| | | (b) | for “the company” substitute “the CFC”. |
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| | | 42C | In regulation 8B for “controlled foreign company” substitute “CFC (within the |
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| | | meaning of Part 9A of the Taxation (International and Other Provisions) Act |
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| | Schedule 20, page 521, line 26, leave out ‘and 38’ and insert ‘, 38, 38A, 40A, 42B |
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| | Schedule 20, page 522, line 4, at end insert— |
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| | | ‘First accounting periods |
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| | | 49A(1) | This paragraph applies in relation to a CFC the first accounting period of which |
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| | | is determined in accordance with paragraph 43(2) or 44(4) above. |
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| | | (2) | For the purposes of sections 371SD(6), 371SK(3) and 371SM(3) of TIOPA |
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| | | 2010, assume that the CFC became a CFC at the time mentioned in paragraph |
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| | | 43(2) or 44(4) (as the case may be). |
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| | | Elections under section 9A of CTA 2010 |
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| | | 49B(1) | This paragraph applies if— |
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| | | (a) | during a company’s accounting period within the meaning of Chapter |
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| | | 4 of Part 17 of ICTA a notice is given in relation to the company under |
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| | | paragraph 4(2C) of Schedule 24 to ICTA, |
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| | | (b) | as a result of that, the company is to be assumed under paragraph |
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| | | 4(2C) of Schedule 24 to ICTA to have made an election under section |
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| | | (c) | the assumed election— |
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| | | (i) | does not cease to have effect before the end of the company’s |
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| | | last accounting period within the meaning of Chapter 4 of Part |
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| | | 17 of ICTA to begin before 1 January 2013, and |
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| | | (ii) | apart from the repeal of that Chapter by paragraph 14 above, |
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| | | would not have ceased to have effect at the end of that period, |
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| | | (d) | the company is a CFC immediately after the end of its last accounting |
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| | | period mentioned in paragraph (c) and its first accounting period |
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| | | within the meaning of Part 9A of TIOPA 2010 begins at that time |
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| | | (2) | In the application of Part 9A of TIOPA 2010 in relation to the company as a |
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| | | CFC, the assumption mentioned in sub-paragraph (1)(b) is to continue to be |
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| | | made as if it were required to be made by section 371SH(2) of TIOPA 2010.’. |
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| | Schedule 20, page 522, line 10, leave out from ‘exempt’ to end of line 12 and insert |
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| | | (i) | does not end before the end of the company’s last accounting |
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| | | period within the meaning of Chapter 4 of Part 17 of ICTA to |
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| | | begin before 1 January 2013, and |
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| | | (ii) | apart from the repeal of that Chapter by paragraph 14 above, |
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| | | would not have ended at the end of that period, and’. |
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| | Schedule 20, page 522, line 29, after ‘exemption’ insert ‘or section 371JE of |
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