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

How long is an exempt period?

Section 371JD determines the length of the exempt period available to a controlled foreign company (CFC) and explains how that period can be extended.

• The standard exempt period for a CFC lasts 12 months.
• A chargeable company may request an extension (or further extension) of the exempt period by giving notice to HMRC.
• The notice requesting an extension must be submitted before the current exempt period expires.
• Only a company that qualifies as a chargeable company at the time the notice is given may make the request.