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Notices of Amendments: 24 May 2012                     

81

 

Finance Bill, continued

 
 

David Gauke

 

113

 

Schedule  20,  page  520,  line  28,  at end insert—

 

‘Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991)

 

42A      

The Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991)

 

are amended as follows.

 

42B(1)  

Regulation 8A is amended as follows.

 

      (2)  

In paragraph (1)—

 

(a)    

in sub-paragraph (a) for “controlled foreign company” substitute

 

“CFC (within the meaning of Part 9A of the Taxation (International

 

and Other Provisions) Act 2010)”, and

 

(b)    

in sub-paragraph (b) for “controlled foreign company” substitute

 

“CFC”.

 

      (3)  

In paragraph (4)—

 

(a)    

for “controlled foreign company’s” substitute “CFC’s”, and

 

(b)    

for “the company” substitute “the CFC”.

 

42C      

In regulation 8B for “controlled foreign company” substitute “CFC (within the

 

meaning of Part 9A of the Taxation (International and Other Provisions) Act

 

2010)”.’.

 

David Gauke

 

114

 

Schedule  20,  page  521,  line  26,  leave out ‘and 38’ and insert ‘, 38, 38A, 40A, 42B

 

and 42C’.

 

David Gauke

 

115

 

Schedule  20,  page  522,  line  4,  at end insert—

 

‘First accounting periods

 

49A(1)  

This paragraph applies in relation to a CFC the first accounting period of which

 

is determined in accordance with paragraph 43(2) or 44(4) above.

 

      (2)  

For the purposes of sections 371SD(6), 371SK(3) and 371SM(3) of TIOPA

 

2010, assume that the CFC became a CFC at the time mentioned in paragraph

 

43(2) or 44(4) (as the case may be).

 

Elections under section 9A of CTA 2010

 

49B(1)  

This paragraph applies if—

 

(a)    

during a company’s accounting period within the meaning of Chapter

 

4 of Part 17 of ICTA a notice is given in relation to the company under

 

paragraph 4(2C) of Schedule 24 to ICTA,

 

(b)    

as a result of that, the company is to be assumed under paragraph

 

4(2C) of Schedule 24 to ICTA to have made an election under section

 

9A of CTA 2010,

 

(c)    

the assumed election—

 

(i)    

does not cease to have effect before the end of the company’s

 

last accounting period within the meaning of Chapter 4 of Part

 

17 of ICTA to begin before 1 January 2013, and


 
 

Notices of Amendments: 24 May 2012                     

82

 

Finance Bill, continued

 
 

(ii)    

apart from the repeal of that Chapter by paragraph 14 above,

 

would not have ceased to have effect at the end of that period,

 

and

 

(d)    

the company is a CFC immediately after the end of its last accounting

 

period mentioned in paragraph (c) and its first accounting period

 

within the meaning of Part 9A of TIOPA 2010 begins at that time

 

accordingly.

 

      (2)  

In the application of Part 9A of TIOPA 2010 in relation to the company as a

 

CFC, the assumption mentioned in sub-paragraph (1)(b) is to continue to be

 

made as if it were required to be made by section 371SH(2) of TIOPA 2010.’.

 

David Gauke

 

116

 

Schedule  20,  page  522,  line  10,  leave out from ‘exempt’ to end of line 12 and insert

 

‘period—

 

(i)    

does not end before the end of the company’s last accounting

 

period within the meaning of Chapter 4 of Part 17 of ICTA to

 

begin before 1 January 2013, and

 

(ii)    

apart from the repeal of that Chapter by paragraph 14 above,

 

would not have ended at the end of that period, and’.

 

David Gauke

 

117

 

Schedule  20,  page  522,  line  29,  after ‘exemption’ insert ‘or section 371JE of

 

TIOPA 2010’.

 


 
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