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