The Taxation (International and Other Provisions) Act 2010 (Amendment to Section 371RE) (Controlled Foreign Companies) Regulations 2014

• Citation: S.I. 2014/3237
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Taxation (International and Other Provisions) Act 2010 (Amendment to Section 371RE) (Controlled Foreign Companies) Regulations 2014.

(2) These Regulations come into force on 31st December 2014 and have effect for accounting periods beginning on or after 1st January 2015.

Section 2 Amendment of the Taxation (International and Other Provisions) Act 2010

In section 371RE of the Taxation (International and Other Provisions) Act 2010 (control determined by reference to accounting standards)—

(a) in subsection (1), omit “undertaking”,

(b) in subsection (4), for “subsidiary undertakings” substitute “subsidiaries”,

(c) in subsection (5)—

(i) for “Parent undertaking” substitute “Parent”,

(ii) for “subsidiary undertaking” substitute “subsidiary”, and

(iii) for “Financial Reporting Standard 2 issued in July 1992 by the Accounting Standards Board” substitute “Financial Reporting Standard 102 issued in March 2013 by the Financial Reporting Council ”, and

(d) in subsection (6), for “Financial Reporting Standard 2” substitute “Financial Reporting Standard 102”.