SCHEDULES
SCHEDULE 17 Controlled foreign companies
Paragraph 4 of Schedule 26
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1
Paragraph 4 of Schedule 26 to the Taxes Act 1988 (dividends from the controlled foreign company) shall be amended as follows.
2
In sub-paragraph (1), for paragraph (a) (which refers to a direction having been given in respect of an accounting period of a controlled foreign company) there shall be substituted—
a
an accounting period of a controlled foreign company is one in respect of which an apportionment under subsection (3) of section 747 falls to be made; and
3
Accordingly, in paragraph (b) of that sub-paragraph for “subsection (3) of that section" there shall be substituted “
that subsection
”
.
4
In sub-paragraph (2) (which refers to sums assessed on and recoverable from companies in accordance with s.747(4)(a)) for “assessed on and recoverable from" there shall be substituted “
chargeable on
”
.
5
In sub-paragraph (5)(a) (which refers to the amount of tax assessed on and recoverable from the company in accordance with s.747(4)(a)) for “assessed on and recoverable from" there shall be substituted “
chargeable on
”
.