Section 371JD | How long is an exempt period? ^F1

(1)Subject to what follows, an exempt period of a CFC lasts 12 months.

(2)Subsection (3) applies if a notice is given to an officer of Revenue and Customs requesting that the length of an exempt period of a CFC be extended (or further extended).

(3)An officer of Revenue and Customs may extend (or further extend) the length of the exempt period.

(4)A notice under subsection (2) must be given no later than the end of the exempt period (as it stands at the time the notice is given).

(5)A notice under subsection (2) may be given only by a company which, at the time the notice is given, would be a chargeable company for the purposes of the charging condition in section 371JC.