Taxes Act 1988U.K.
1(1)The Taxes Act 1988 is amended as follows.U.K.
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In section 806L (carry forward or carry back of unrelieved foreign tax), for subsection (7) substitute—
“(7)In this section—
“overseas permanent establishment” means a permanent establishment through which a company carries on a trade in a territory outside the United Kingdom; and
“permanent establishment”—
(a)if there are arrangements having effect under section 788 in relation to the territory concerned that define the expression, has the meaning given by those arrangements, and
(b)if there are no such arrangements, or if they do not define the expression, has the meaning given by section 148 of the Finance Act 2003.”.
(4)In Schedule 15 (qualifying policies), in paragraph 24 (policies issued by non-resident companies), in sub-paragraph (3)(b) (twice) and (c) for “branch” substitute “ permanent establishment ”.
Textual Amendments
F1Sch. 27 para. 1(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)