SCHEDULES:

SCHEDULE 7Exceptions to Rule in Section 66(1)

Cases where rule does not apply until end of transitional period

3

1

Subject to sub-paragraph (2) below, in relation to a company which—

a

carried on business at any time before the commencement date;

b

was not resident in the United Kingdom immediately before that date; and

c

is not a company falling within paragraph 1(1) above,

section 66(1) of this Act shall not apply until after the end of the transitional period.

2

If at any time on or after the commencement date a company falling within sub-paragraph (1) above becomes resident in the United Kingdom, section 66(1) of this Act shall apply in relation to the company after that time.

4

1

Subject to sub-paragraph (2) below, in relation to a company which—

a

carried on business at any time before the commencement date;

b

ceases to be resident in the United Kingdom at any time on or after that date in pursuance of a Treasury consent; and

c

is not a company falling within paragraph 2(1) above,

section 66(1) of this Act shall not apply until after the end of the transitional period.

2

If at any time after it ceases to be resident in the United Kingdom a company falling within sub-paragraph (1) above becomes resident in the United Kingdom, section 66(1) of this Act shall apply in relation to the company after that time.