Taxation (International and Other Provisions) Act 2010 section 371JA

Introduction to Chapter

Section 371JA introduces the exempt period exemption for controlled foreign companies and explains the scope of the chapter.

  • This chapter establishes an exemption known as the "exempt period exemption" for CFCs.
  • The exempt period exemption is one of the exemptions that can prevent a CFC charge from arising.
  • The chapter also covers adjustments to CFC profits that would otherwise be subject to the CFC charge gateway, where those adjustments are linked to the exempt period exemption.
  • These profit adjustments are dealt with separately under section 371JE of the Act.

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