Statutory Instruments
2002 No. 1963
INCOME TAX
The Controlled Foreign Companies (Excluded Countries) (Amendment) Regulations 2002
Made
24th July 2002
Laid before the House of Commons
25th July 2002
Coming into force
1st October 2002
The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 748(1)(e) and (1A) of the Income and Corporation Taxes Act 1988( 1 ), hereby make the following Regulations:
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Controlled Foreign Companies (Excluded Countries) (Amendment) Regulations 2002 and shall come into force on 1st October 2002.
(2) These Regulations have effect in relation to accounting periods beginning on or after 1st October 2002.
Amendment of regulation 7 of the Controlled Foreign Companies (Excluded Countries) Regulations 1998
2. —(1) Amend regulation 7 of the Controlled Foreign Companies (Excluded Countries) Regulations 1998( 2 ) as follows.
(2) In paragraph (3)(b)(i) for the words from “would be” to “company” substitute “is a derivative contract”.
(3) Omit paragraph (8).
Nick Montagu
Ann Chant
Two of the Commissioners of Inland Revenue
24th July 2002
1988 c. 1 . Section 748 was relevantly amended by paragraph 3 of Schedule 17 to the Finance Act 1998 (c. 36) .
S.I. 1998/3081 .