3(1)Chapter 1 of Part 16 of ITA 2007 (definitions) is amended as follows.U.K.
(2)In section 989 (the definitions), omit the definition of “permanent establishment”.
(3)After section 1007 insert—
(1)In the Income Tax Acts “permanent establishment”, in relation to a company, is to be read in accordance with Chapter 2 of Part 24 of CTA 2010.
(2)This section does not apply for the purposes of—
(a)Part 5 of this Act (see instead section 191A), or
(b)Chapter 4 of Part 6 of this Act (see instead section 302A).”
4(1)Schedule 4 to that Act (index of defined expressions) is amended as follows.U.K.
(2)In column 2 of the entry for “eligible shares (in Chapter 3 of Part 6)”, for “285(3)” substitute “ 285(3A) and (3B) ”.
(3)In column 1 of the entry for “the 30% eligible shares condition (in Chapter 3 of Part 6)”, for “30%” substitute “ 70% ”.
(4)For the entry for “permanent establishment” substitute—
| “permanent establishment (except in Part 5 and Chapter 4 of Part 6) | section 1007A |
| permanent establishment (in Part 5) | section 191A |
| permanent establishment (in Chapter 4 of Part 6) | section 302A”. |