Section 18IA | The excluded territories exemption ^F1F2

(1)Chapter 11 of Part 9A of TIOPA 2010 (controlled foreign companies: the excluded territories exemption) applies for the purposes of section 18G(1)(c) with the following modifications.

(2)Sections 371KB(1)(b)(iii) and 371KH are to be omitted.

(3)Section 371KC is to be omitted and the assumption set out in section 18I(3)(b) above in relation to the CFC's residence is to be applied instead; and references to “the CFC's territory” are to be read accordingly.

(4)Section 371KD(3) is to be omitted and references to a CFC's accounting profits for an accounting period are to be read as references to the adjusted relevant profits amount.

(5)Section 371KE(2)(b) is to be omitted.

(6)Section 371KF is to be omitted.

(7)In section 371KG(3) the reference to the CFC's equity or debt is to be read as a reference to company X's equity or debt (ignoring the assumption in section 18I(3)(a) above).

(8)Section 371KI(2) and (3) is to be omitted.

(9)In section 371KJ—

(a)in subsection (2)(a), the reference to intellectual property held by the CFC is to be read as a reference to intellectual property held by company X (ignoring the assumption in section 18I(3)(a) above), and

(b)in subsections (2)(b) and (c) and (4), references to the CFC are to be read as references to company X (ignoring that assumption).