SCHEDULES
SCHEDULE 20Controlled foreign companies and foreign permanent establishments
PART 4Commencement provision
50Commencement provision relating to controlled foreign companies etc
1
The repeal of Chapter 4 of Part 17 of ICTA by paragraph 14 above has no effect for accounting periods within the meaning of that Chapter (see section 751) beginning before 1 January 2013.
2
a
has an accounting period within the meaning of Chapter 4 of Part 17 of ICTA beginning before 1 January 2013 but ending on or after that date, and
b
is not, at the end of 31 December 2012, a life assurance subsidiary.
3
The company is not to have an accounting period within the meaning of Part 9A of TIOPA 2010 before its accounting period mentioned in sub-paragraph (2)(a) ends.
4
If the company is a CFC immediately after the end of its accounting period mentioned in sub-paragraph (2)(a), its first accounting period within the meaning of Part 9A of TIOPA 2010 begins at that time.
5
Sub-paragraph (6) applies to a company which—
a
apart from sub-paragraph (6), would have an accounting period within the meaning of Chapter 4 of Part 17 of ICTA beginning before 1 January 2013 but ending on or after that date, and
b
is, at the end of 31 December 2012, a life assurance subsidiary.
6
7
“Life assurance subsidiary” means a company in which a life assurance company has a relevant interest as determined in accordance with Chapter 15 of Part 9A of TIOPA 2010.
8
“Life assurance company” means a company carrying on life assurance business within the meaning of Part 2 of this Act (see section 56).