SCHEDULES
C1SCHEDULE 24M1ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
Source-1984 Sch. 16, 1985 Sch. 14 16
General
2
1
The company shall be assumed to have become resident in the United Kingdom (and, accordingly, within the charge to corporation tax) at the beginning of the first accounting period—
b
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and that United Kingdom residence shall be assumed to continue throughout subsequent accounting periods of the company (whether or not F4an apportionment falls to be made in respect of all or any of them) until the company ceases to be controlled by persons resident in the United Kingdom.
2
Except in so far as the following provisions of this Schedule otherwise provide, for the purposes of calculating a company’s chargeable profits or corresponding United Kingdom tax for any accounting period which is not the first such period referred to in sub-paragraph (1) above (and, in particular, for the purpose of applying any relief which is relevant to two or more accounting periods), it shall be assumed that a calculation of chargeable profits or, as the case may be, corresponding United Kingdom tax has been made for every previous accounting period throughout which the company was, by virtue of sub-paragraph (1) above, assumed to have been resident in the United Kingdom.
Sch. 24 modified (28.7.2000) by Finance Act 2000 (c. 17), Sch. 22 para. 54(2)-(5)