Section 371BD | Chargeable companies

(1)A company (“C”) which meets the UK residence condition is a chargeable company for the purposes of step 4 in section 371BC(1) if the total of the following percentages is at least 25%—

(a)the percentage of the CFC's chargeable profits apportioned to C at step 3 in section 371BC(1), and

(b)the percentages (if any) of those profits which are apportioned at that step to relevant persons who, at any time during the accounting period, are connected or associated with C.

(2)Subsection (1) is subject to sections 371BE and 371BF.