SCHEDULES
SCHEDULE 17 Controlled foreign companies
Section 750
5
1
Section 750 of the Taxes Act 1988 (territories with a lower level of taxation) shall be amended as follows.
2
In subsection (1) (which refers to certain provisions of section 749)—
a
for “subsection (3)" there shall be substituted “
subsection (5)
”
; and
b
for “subsection (1) or subsection (2)" there shall be substituted “
any of subsections (1) to (4)
”
.
3
In subsection (3), for paragraph (a) (which refers to a direction under section 747(1) and a declaration under paragraph 11(3) of Schedule 24) there shall be substituted—
a
it shall be assumed for the purposes of Schedule 24 that an apportionment under section 747(3) falls to be made as regards that period; and