Paragraph 7

In Part II of Schedule 25 (exempt activities) amend paragraph 6 as follows.

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In sub-paragraph (5) (interpretation of sub-paragraphs (3) to (4B)) after “a reference to a trading company" insert

“to which sub-paragraph (5ZA) or (5ZB) below applies.

(5ZA)

This sub-paragraph applies to a trading company”.

After sub-paragraph (5ZA) insert—

“(5ZB)

This sub-paragraph applies to a trading company if—

(a)

it is a controlled foreign company by virtue of subsection (1A) of section 747; and

(b)

the person who satisfies the requirement in paragraph (b) of that subsection in relation to the company also controls the holding company or superior holding company.”

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