2024欧洲杯赛程

The tax exemption is an entity level exemption and so the profits of the CFC are exempt from the CFC charge if this exemption applies for a CFC鈥檚 accounting period (see INTM248150 for the definition of a CFC鈥檚 accounting period).

The tax exemption will apply where the 鈥渓ocal tax amount鈥� (see INTM226150) is at least 75% of the 鈥渃orresponding UK tax鈥� (see INTM226250). This requires comparison of the actual tax paid on the profits of the CFC in its territory of residence with what tax would have been paid if the profits had been subject to UK taxation on a UK measure of profits. This amount is arrived at following the application of various adjustments and assumptions including the corporation tax assumptions at Chapter 19 (see INTM239300).

This exemption cannot apply if the CFC鈥檚 territory of residence cannot be determined under the general rule for establishing residence. The rules for determining this are provided in chapter 20 (see INTM242200).

Any CFC that satisfies the tax exemption, does not need to be included in a chargeable company鈥檚 corporation tax return.