Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 20 U.K. Controlled foreign companies and foreign permanent establishments

PART 3 U.K. Other amendments

FA 1998 U.K.

15 U.K. FA 1998 is amended as follows.

16 U.K. In section 32 (unrelieved surplus advance corporation tax) for subsection (5) substitute—

“(5) The provision which may be made by regulations under this section includes provision for or in connection with enabling unrelieved surplus advance corporation tax to be set against liability to a sum charged at step 5 in section 371BC(1) of the Taxation (International and Other Provisions) Act 2010 (controlled foreign companies) as if it were an amount of corporation tax for an accounting period.”

17 (1) Schedule 18 (company tax returns) is amended as follows. U.K.

(2) In paragraph 1 for “section 747(4)(a) of the Taxes Act 1988 (tax on profits of controlled foreign company)” substitute “ step 5 in section 371BC(1) of the Taxation (International and Other Provisions) Act 2010 (controlled foreign companies) ”.

(3) In paragraph 8(1), in the third step, for paragraph 2 substitute—

“2 Any sum charged at step 5 in section 371BC(1) of the Taxation (International and Other Provisions) Act 2010 (controlled foreign companies).”