{
  "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012",
  "json_url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012.json",
  "id": "uksi/2012/3041",
  "title": "The Controlled Foreign Companies (Excluded Banking Business Profits) Regulations 2012",
  "short_title": "Controlled Foreign Companies (Excluded Banking Business Profits) 2012",
  "long_title": "These Regulations are made in exercise of the powers conferred by section 371FD of the Taxation (International and Other Provisions) Act 2010 (c. 8) (“TIOPA”). The Regulations provide that if certain conditions are met then no controlled foreign company (“CFC”) charge will arise under Chapter 6 of Part 9A of TIOPA in respect of the banking profits of the CFC. A CFC charge is a tax on a UK resident company which has an interest in a CFC.",
  "citation": "S.I. 2012/3041",
  "type": "uksi",
  "year": "2012",
  "number": "3041",
  "version": "current",
  "date": "2012-12-05",
  "revised": true,
  "valid_from": "2013-04-01",
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/1",
      "kind": "regulation",
      "number": "1",
      "heading": "Citation, commencement and effect",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/regulation-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/2",
      "kind": "regulation",
      "number": "2",
      "heading": "Interpretation",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/regulation-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/3",
      "kind": "regulation",
      "number": "3",
      "heading": "Disapplication of Step 3 in section 371FA(1)",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/regulation-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/4",
      "kind": "regulation",
      "number": "4",
      "heading": "Regulatory capital requirements test",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/regulation-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
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      "kind": "regulation",
      "number": "5",
      "heading": "Supplementary provisions",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/regulation-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "note",
      "kind": "note",
      "number": null,
      "heading": "Explanatory note",
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/note",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    }
  ],
  "has_text": true,
  "pdfs": [
    {
      "title": "Printed copy",
      "main": true,
      "language": null,
      "date": "2012-12-10",
      "size": 52210,
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/pdf/uksi_20123041_en.pdf",
      "source_url": "https://www.legislation.gov.uk/uksi/2012/3041/pdfs/uksi_20123041_en.pdf"
    },
    {
      "title": "Explanatory Memorandum",
      "main": false,
      "language": null,
      "date": "2012-12-10",
      "size": 18752,
      "url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/pdf/uksiem_20123041_en.pdf",
      "source_url": "https://www.legislation.gov.uk/uksi/2012/3041/pdfs/uksiem_20123041_en.pdf"
    }
  ],
  "outstanding_effects": [],
  "made_under": [
    {
      "id": "ukpga/2010/8",
      "title": "Taxation (International and Other Provisions) Act 2010",
      "url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010",
      "provisions": [
        "section/371FD"
      ]
    }
  ],
  "changes_made_to": 9,
  "changes_made_to_url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/changes.json",
  "changes_made_by": 6,
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  "instruments_made_under": 0,
  "instruments_made_under_url": "https://openlegislation.uk/controlled-foreign-companies-excluded-banking-business-profits-regulations-2012/instruments.json",
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2012/3041",
    "retrieved_at": "2026-10-29T01:11:16.515112+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}