The Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations 2000

• Citation: S.I. 2000/3158
• Sections: 3

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations 2000 and shall come into force on 20th December 2000.

(2) These Regulations have effect in relation to any accounting period of a company resident outside the United Kingdom which begins on or after 6th October 1999.

Section 2 Interpretation

In these Regulations “the Board” means the Commissioners of Inland Revenue.

Section 3 Specified designer rate tax provisions

For the purposes of section 750A(1) of the Income and Corporation Taxes Act 1988 (deemed lower level of taxation: designer rate tax provisions) the following provisions are specified, being provisions which appear to the Board to be designed to enable companies to exercise significant control over the amount of tax which they pay—

(a) the provisions contained in Part XVIIA (international bodies) of the Income Tax (Guernsey) Law, 1975 ;

(b) Article 123B (international business companies) of the Income Tax (Jersey) Law 1961 ;

(c) the provisions contained in Part 1 (International Companies) of the Isle of Man International Business Act 1994 , and the provisions contained in Part 3 (Miscellaneous and Supplemental) of that Act so far as relating to Part 1 of that Act;

(d) section 41 (rates for qualifying companies) of the Gibraltar Income Tax Ordinance .