INTM224175 - Controlled Foreign companies: Entity Exemptions: Chapter 10 - 皇冠体育app Exempt Period Exemption: 皇冠体育app basic rule

皇冠体育app exempt period exemption applies for a CFC鈥檚 accounting period if the following conditions are met

  1. the CFC鈥檚 accounting period ends during an exempt period (as defined by TIOPA10/Ss371JC and 371JD),
  2. the subsequent period condition (set out in TIOPA10/S371JB(2)) is met, and
  3. the chargeable company condition (set out in TIOPA10/S371JB(3)) is met.

It is possible that a CFC may have more than one exempt period over time. 皇冠体育app exemption is however subject to an anti-avoidance rule (see INTM224350).