Paragraph 9

(1)

Part 2 of Schedule 16 to FA 2009 (controlled foreign companies: amendment of exempt activities exemption) is amended as follows.

(2)

In paragraph 12 (commencement), in sub-paragraph (2)(b) for “2011” substitute “ 2012 ”.

(3)

In paragraph 15 (qualifying holding companies: periods straddling 1 July 2011)—

(a)

in sub-paragraph (1)(a) for “2011” substitute “ 2012 ”,

(b)

in sub-paragraph (2)(a) for “2011” substitute “ 2012 ”, and

(c)

accordingly, in the heading for “2011” substitute “ 2012 ”.

(4)

In paragraph 16 (qualifying holding companies: definition of “relevant accounting period”), in paragraph (b) for “2011” substitute “ 2012 ”.

(5)

In the italic heading before paragraph 17 for “two years before 1 July 2011” substitute “ three years before 1 July 2012 ”.