165Exemption for dormant companiesU.K.
(1)Section 147(3) and (5) do not apply in calculating for any chargeable period the profits and losses of a potentially advantaged person if that person is a company which meets the condition in subsection (2).
(2)The condition is that—
(a)the company was dormant throughout the pre-qualifying period, and
(b)apart from section 147, the company has continued to be dormant at all times since the end of the pre-qualifying period.
(3)In subsection (2) “the pre-qualifying period” means—
(a)if there is an accounting period of the company that ends on 31 March 2004, that accounting period, or
(b)if there is no such accounting period, the period of 3 months ending with that date.
(4)In this section “dormant” has the meaning given by section 1169 of the Companies Act 2006.