# Income and Corporation Taxes Act 1988, Paragraph 16

Extent: E+W+S+N.I.

(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 the results of which are reflected in the profits arising in an accounting period of a controlled foreign company; and
(b) includes a reference to two or more transactions taken together, the results of at least one of which are so reflected.

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Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/25/paragraph/16 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-25/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.