[F1(1)Subsection (2) applies if—

(a)the actual provision is provision made or imposed in relation to a CFC,

(b)for the purpose of determining the CFC's assumed taxable total profits for an accounting period, the CFC's profits and losses are to be calculated in accordance with section 147(3) or (5) in the case of that provision,

(c)in relation to the accounting period, sums are charged on chargeable companies at step 5 in section 371BC(1), and

(d)in consequence of the application of section 147(3) or (5) as mentioned in paragraph (b), the total of those sums is more than it would otherwise be.]

(2)Sections 174 to 178 have effect as if the [F2CFC] were a person on whom a potential advantage in relation to United Kingdom taxation were conferred by the actual provision.

(3)In applying sections 174 to 178 in a case in which they apply because of subsection (2)—

(a)references to the advantaged person in sections 176(3)(a) and (b) and 177(2), (3) and (4)(b) include a reference to any of the [F3chargeable companies on which a sum is charged], and

(b)references to corporation tax include a reference to [F4the CFC charge].

[F5(4)In this section terms which are defined in Part 9A have the same meaning as they have in that Part.

(5)For the purposes of subsections (1)(c) and (d) and (3)(a) assume that any claims made under Chapter 9 of Part 9A for the accounting period were not made.]