Paragraph 3

(1)

Paragraph 4 (circumstances in which plan may be entered into: non-UK resident companies with UK permanent establishments) is amended as follows.

(2)

In subparagraph (4) (meaning of “PE qualifying event”)—

(a)

omit “and” at the end of paragraph (b), and

(b)

after paragraph (c) insert

“, and
(d)
immediately after the event—
(i)
the asset or liability is held or owed by the company for the purposes of a permanent establishment of the company in a relevant EEA state, or
(ii)
the asset or liability is held or owed by the company otherwise than for the purposes of a permanent establishment of the company and the company is resident in a relevant EEA state.”

(3)

In subparagraph (6)—

(a)

for “and” substitute “ , ”, and

(b)

after “ “eligible company”” insert “ and “relevant EEA state” ”.