SCHEDULES
SCHEDULE 25 Controlled Foreign Companies
Connected amendments
6
1
Schedule 24 to the Taxes Act 1988 (assumptions for calculating chargeable profits etc.) shall be amended as mentioned in sub-paragraphs (2) to (5) below; and—
a
the amendment made by sub-paragraph (2) below shall be deemed always to have had effect, and
b
paragraph 1(4) of Schedule 16 to the M1Finance Act 1984 shall be deemed always to have had effect subject to the same amendment.
2
In paragraph 1 (general assumptions for calculating chargeable profits etc.) in sub-paragraph (4)
(assumption for certain purposes that a direction has been given) before the words “it shall be assumed” there shall be inserted “
in determining the chargeable profits of the company for the accounting period mentioned in paragraph (a) above
”
.
3
Paragraph 4A (computation of basic profits or losses of a trade) shall be deemed never to have been inserted.
F24
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5
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .