Paragraph 9 Exclusion of income tax charge

United Kingdom

(1)

In section 3 (exclusion of charge to income tax), in subsection (1)(b) for “for an exemption.” substitute “is not as a result of—

“(i)
an exemption, or
(ii)
the application of sections 1142 to 1144 of CTA 2010 (circumstances in which a company is not regarded as having a permanent establishment).”

(2)

In consequence of the amendment made by sub-paragraph (1), in ITA 2007—

(a)

in section 816 (meaning of disregarded company income)—

(i)

in subsection (1), omit paragraphs (c) and (d), and

(ii)

omit subsection (2) to (4), and

(b)

in section 817 (the independent broker conditions)—

(i)

in subsection (1), for the words from “Kingdom” to the end substitute “Kingdom if conditions A to D are met.”, and

(ii)

omit subsection (6).