Paragraph 610

(1)

Amend section 376 (interpretation of section 375) as follows.

(2)

In subsection (1) for the words from “section 414 of ICTA” to the end substitute “ Chapter 2 of Part 10 of CTA 2010 (meaning of “close company”) applies with the omission of section 442(a) (exclusion of non-resident companies) ”.

(3)

In subsection (3)—

(a)

for “for the purposes of Part 11 of ICTA because of section 417 of that Act” substitute “ within the meaning given by section 454 of CTA 2010 ”, and

(b)

for “participator for those purposes” substitute “ such a participator ”.

(4)

In subsection (5) in the definition of “CIS-based close company” for “section 416(6) of ICTA because of section 417(3)(a) of that Act” substitute “ section 451(4) to (6) of CTA 2010 because of section 448(1)(a) of that Act ”.