SCHEDULES
SCHEDULE 3Tax
Residence for tax purposes
3
1
Sub-paragraph (2) shall apply if—
a
the exempt period ends, and
b
at that time the Corporation would be regarded for the purposes of the [1988 c. 39.] Taxes Acts as resident in the United Kingdom by virtue only of section 66 of the Finance Act 1988 (company incorporated in UK).
2
That section shall not apply in relation to the Corporation at any time during the period beginning with the end of the exempt period and ending in accordance with sub-paragraph (3).
3
The period shall end—
a
with the seventh anniversary of the final day of the exempt period, or
b
if earlier, at any time when the Corporation comes to be regarded for the purposes of the Taxes Acts as resident in the United Kingdom (otherwise than by virtue of section 66).
4
The following provisions shall not apply where the [1992 c. 12.] Corporation ceases to be resident in the United Kingdom by virtue of sub-paragraph (2)—
a
section 179 of the Taxation of Chargeable Gains Act 1992 (company ceasing to be member of group);
b
section 185 of that Act (deemed disposal of assets when company ceases to be resident in UK).
5
In this paragraph “the Taxes Acts” has the same meaning as in the [1970 c. 9.] Taxes Management Act 1970.