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Finance Act 2012

Chapter 1 – Introduction

5.Chapter 1 provides an overview of Part 9A, describing what is contained in each chapter and stating that Part 9A is part of the Corporation Tax Acts.

6.New section 371AA(1) and (2) states that the CFC charge will be charged on UK resident companies which have certain interests in CFCs and that this charge will be by reference to the chargeable profits of CFCs (see section 371BA below).

7.New subsection (3) defines a CFC as a non-UK resident company which is controlled by a UK person or persons.

8.New subsection (4) outlines the content of Chapter 2, where the basic details of the CFC charge including the steps to be taken to calculate the charge are set out.

9.New subsections (5) to (10) outline the contents of the subsequent chapters. These include Chapter 3, which sets out how to determine which (if any) of Chapters 4 to 8 apply in relation to the CFC’s profits, and Chapters 4 to 8 which if applicable set out how to determine the CFC’s profits (if any) that pass through the CFC charge gateway.

10.New subsection (11) provides that nothing in Part 9A affects the liability to corporation tax of a non-resident company that is itself within the charge to corporation tax or of the determination of such a company’s chargeable profits under the relevant provisions of CTA 2009.

11.New subsection (12) confirms that Part 9A is part of the Corporation Tax Acts.

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