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The Controlled Foreign Companies (Excluded Countries) (Amendment No. 2) Regulations 2002

S.I. 2002/2406 · Made 19 September 2002

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 19th September 2002

Laid before the House of Commons 20th September 2002

Coming into force 11th October 2002

The Commissioners of Inland Revenue in exercise of the powers conferred upon them by section 748(1)(e) and (1A) of the Income and Corporation Taxes Act 1988f1 hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1. Subsection (1)(e) was substituted, and subsection (1A) inserted, by paragraph 3 of Schedule 17 to the Finance Act 1998 (c. 36).

Contents

  1. 1Citation, commencement and effect
  2. 2Amendment of the Controlled Foreign Companies (Excluded Countries) Regulations 1998
  3. Signature
  4. Explanatory note

1Citation, commencement and effect

These Regulations may be cited as the Controlled Foreign Companies (Excluded Countries) (Amendment No. 2) Regulations 2002, shall come into effect on 11 October 2002 and shall have effect as respects accounting periods beginning on or after that date.

2Amendment of the Controlled Foreign Companies (Excluded Countries) Regulations 1998

In Part 2 of Schedule 2 to the Controlled Foreign Companies (Excluded Countries) Regulations 1998f1 (specified territories with qualifications) omit the entry in respect of Ireland.

Signature

Tim Flesher

Ann Chant

Two of the Commissioners of Inland Revenue

19th September 2002

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Controlled Foreign Companies (Excluded Countries) Regulations 1998 (S.I. 1998/3081: “the 1998 Regulations”).

Regulation 1 provides for the citation, commencement and effect of these Regulations.

Regulation 2 amends Part 2 of Schedule 2 to the 1998 Regulations by omitting the entry in respect of Ireland in that Part. The effect of the amendment is that section 748(1)(e) of the Income and Corporation Taxes Act 1988 (c. 1) will not apply to a controlled foreign company resident in the Republic of Ireland.