20 Controlled foreign companies: finance company exemption and control
Finance Act 2019 (2019 c 1) | Legislation

20  Controlled foreign companies: finance company exemption and control

(1)     Part 9A of TIOPA 2010 (controlled foreign companies) is amended as follows.

(2)     In section 371IA (exemptions for profits from qualifying loan relationships), in subsection (4), for the words from “the profits” to the end substitute

“so much of the profits of all its qualifying loan relationships taken together as are non-trading finance profits which—

(a)     fall within section 371EC (capital investment from the UK), and

(b)     do not fall within section 371EB (UK activities).”

(3)     In section 371RA (overview of Chapter 18), in subsection (2), for “Section 371RC sets” substitute “Sections 371RC and 371RG set”.

(4)

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