Paragraph 1

(1)

Section 748 of ICTA (cases where apportionment of chargeable profits and creditable tax under section 747(3) does not apply) is amended as follows.

(2)

In subsection (1), in paragraph (b) for “that Schedule” substitute “ Schedule 25 ”.

(3)

After that paragraph insert—

“(ba)
the company is exempt for that period by virtue of Part 2A of that Schedule (exemption for trading companies with limited UK connection); or
(bb)
the company is exempt for that period by virtue of Part 2B of that Schedule (exemption for companies exploiting intellectual property with limited UK connection); or”.