Finance Act 1988

Cases where rule does not apply until end of transitional period

3 (1) Subject to sub-paragraph (2) below, in relation to a company which—

(a) carried on business at any time before the commencement date;

(b) was not resident in the United Kingdom immediately before that date; and

(c) is not a company falling within paragraph 1(1) above,

section 66(1) of this Act shall not apply until after the end of the transitional period.

(2) If at any time on or after the commencement date a company falling within sub-paragraph (1) above becomes resident in the United Kingdom, section 66(1) of this Act shall apply in relation to the company after that time.

4 (1) Subject to sub-paragraph (2) below, in relation to a company which—

(a) carried on business at any time before the commencement date;

(b) ceases to be resident in the United Kingdom at any time on or after that date in pursuance of a Treasury consent; and

(c) is not a company falling within paragraph 2(1) above,

section 66(1) of this Act shall not apply until after the end of the transitional period.

(2) If at any time after it ceases to be resident in the United Kingdom a company falling within sub-paragraph (1) above becomes resident in the United Kingdom, section 66(1) of this Act shall apply in relation to the company after that time.