F1PART 9AControlled foreign companies
Chapter 2The CFC charge
371BFCompanies which are participants in offshore funds
1
A company (“C”) is not a chargeable company for the purposes of step 4 in section 371BC(1) if—
a
the CFC is an offshore fund (as defined in section 355),
b
at the relevant time and at all subsequent relevant times, C reasonably believes that the requirement of section 371BD(1) will not be met in relation to it, and
c
the meeting of that requirement in relation to C is in no way attributable to any step—
i
which was taken by C or any person connected or associated with C, and
ii
which, at the time it was taken, could reasonably have been expected to cause that requirement to be met.
2
“The relevant time” means—
a
the beginning of the accounting period, or
b
if C has no relevant interests in the offshore fund at the beginning of the accounting period, the time when C first has a relevant interest during the accounting period.
3
“Subsequent relevant time” means any time during the accounting period at which there is an increase or some other change in the relevant interests in the offshore fund which C has.
Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)