{
  "url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010/section-371LB",
  "json_url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010/section-371LB.json",
  "legislation": "ukpga/2010/8",
  "legislation_title": "Taxation (International and Other Provisions) Act 2010",
  "legislation_url": "https://openlegislation.uk/taxation-international-and-other-provisions-act-2010",
  "path": "section/371LB",
  "kind": "section",
  "number": "371LB",
  "heading": "The basic rule",
  "text": "(1) The low profits exemption applies for a CFC's accounting period if subsection (2), (3), (4) or (5) applies.\n(2) This subsection applies if the CFC's accounting profits for the accounting period are no more than £50,000.\n(3) This subsection applies if the CFC's assumed taxable total profits for the accounting period are no more than £50,000.\n(4) This subsection applies if—\n(a) the CFC's accounting profits for the accounting period are no more than £500,000, and\n(b) the amount of those profits representing non-trading income is no more than £50,000.\n(5) This subsection applies if—\n(a) the CFC's assumed taxable total profits for the accounting period are no more than £500,000, and\n(b) the amount of those profits representing non-trading income is no more than £50,000.\n(6) If the accounting period is less than 12 months, the amounts specified in subsections (2), (3), (4)(a) and (b) and (5)(a) and (b) are to be reduced proportionately.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/8/section/371LB",
    "retrieved_at": "2026-10-29T09:10:17.008829+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}