Part 5: Company residence: exceptions to section 14
3523.These paragraphs apply where a company incorporated in the United Kingdom carried on business before 15 March 1988, the commencement date for section 66 of FA 1988 (rewritten in Chapter 3 of Part 2). These paragraphs rewrite parts of paragraphs 1, 2 and 5 of Schedule 7 to FA 1988. Paragraphs 4 and 5 of that Schedule are spent.
3524.United Kingdom incorporated companies which received Treasury consent to migrate from the United Kingdom before the commencement date (paragraph 1) and those with an application in the pipeline before the commencement date (paragraph 2) retain their foreign residence (despite section 14) until they cease to carry on business or become resident in the United Kingdom under other rules. The provision for the Treasury to consent to company migrations (most recently section 765 of ICTA) was repealed with effect from the commencement date for section 66 of FA 1988.
