Paragraph 18

It is the main purpose or one of the main purposes of a transaction to achieve a reduction in United Kingdom tax if this is the purpose or one of the main purposes—

(a)

of the controlled foreign company concerned; or

(b)

of a person who has an interest in that company at any time during the accounting period concerned.

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