SCHEDULES
SCHEDULE 17 Controlled foreign companies
Paragraph 12 of Schedule 25
32
1
Paragraph 12 of Schedule 25 to the Taxes Act 1988 (meaning of “holding company" in paragraphs 6 and 8(3)) shall be amended as follows.
2
In sub-paragraph (1), after “in paragraphs 6 and 8(3) above and" there shall be inserted “
paragraph 12A below and in
”
.
3
In sub-paragraph (5) (exclusion of income derived from certain sources) in paragraph (a)—
a
after “which is not a holding company" there shall be inserted “
or superior holding company
”
; and
b
after “engaged in exempt activities" there shall be inserted “
or, in terms of sub-paragraph (5A) of that paragraph, is an exempt trading company
”
.