Paragraph 16

United Kingdom

(1)

The provisions of this Part of this Schedule have effect for the purposes of section 748(3).

(2)

Any reference in paragraphs 17 and 18 below to a transaction—

(a)

is a reference to a transaction F1the results of which are reflected in the profits arising in an accounting period of a controlled foreign company; and

(b)

includes a reference to F2two or more transactions taken together, the results of at least one of which are so reflected.

Annotations

Textual amendments

F1: Words in Sch. 25 para. 16(2)(a) inserted (with effect in accordance with s. 182 of the amending Act) by Finance Act 1996 (c. 8), Sch. 36 para. 4(6)(a)
F2: Words in Sch. 25 para. 16(2)(b) substituted (with effect in accordance with s. 182 of the amending Act) by Finance Act 1996 (c. 8), Sch. 36 para. 4(6)(b)

Notes on Schedule 25

Textual amendments

F1: Sch. 25 heading substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 25; S.I. 1998/3173, art. 2