# Commonwealth Development Corporation Act 1999, Paragraph 2


(1) The Corporation shall not be chargeable to corporation tax on profits arising during the exempt period.
(2) The Corporation shall not have a liability to tax by virtue of section 747(4)(a) of the Income and Corporation Taxes Act 1988 (controlled foreign companies) in respect of profits arising during the exempt period.

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Source: https://www.legislation.gov.uk/ukpga/1999/20/schedule/3/paragraph/2 (the official version)
Page: https://openlegislation.uk/commonwealth-development-corporation-act-1999/schedule-3/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.