Textual Amendments
F1Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1
F23(1)In subsection (2) of section 11, the following paragraphs shall be treated as inserted after paragraph (a)—
“(aa)where section 11B applies for an accounting period, any trading or other income arising in that period from assets which by virtue of that section are attributed to the branch or agency at the time the income arises (but so that this paragraph shall not include distributions received from companies resident in the United Kingdom); and
(ab)where section 11C applies for an accounting period, any trading or other income falling within section 11C(2) in that period (but so that this paragraph shall not include distributions received from companies resident in the United Kingdom); and”.
(2)The following shall be treated as inserted after paragraph (b) of that subsection “and
(c)chargeable gains accruing to the company on the disposal of assets of the company’s long term business fund situated outside the United Kingdom and used or held for the purposes of the branch or agency immediately before the disposal; and
(d)where section 11B applies for an accounting period, chargeable gains accruing to the company in that period on the disposal of assets which by virtue of that section are attributed to the branch or agency immediately before the disposal; and
(e)where section 11C applies for an accounting period, chargeable gains accruing to the company in that period by virtue of section 11C(3).”
(3)The following subsection shall be treated as inserted after that subsection—
“(2A)For the purposes of subsection (2)(c) above—
(a)section 275 of the 1992 Act (location of assets) shall apply as it applies for the purposes of that Act;
(b)“long term business fundhas the meaning given by section 431(2).”
(4)This paragraph shall apply in relation to accounting periods beginning after 31st December 1992.
Textual Amendments
F2Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1