- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
CFM64550 - FOREIGN EXCHANGE: ACCOUNTS DRAWN UP IN A FOREIGN CURRENCY: DESIGNATED CURRENCY ELECTION: CONTROLLED FOREIGN COMPANIES CONTROLLED FOREIGN COMPANIES MAKING A DESIGNATED CURRENCY
ELECTION A controlled foreign company (CFC) is defined in ICTA88/S747 as a company which in an accounting period is resident outside the United Kingdom, controlled by persons resident in the
United Kingdom, and subject to a lower level of taxation in its territory of residence More information on CFCs can be found at INTM201060. A UK resident company (or companies that have a
majority interest in a CFC may make a designated currency election on behalf of the CFC (ICTA88/SCH24/PARA4(2C)). Where such an election is made the CFC will be deemed to have made the
election which will take effect from the date specified in the election. The election must be made in advance of the date on which it is to take effect. The extended time limits for claims
upon which relief is dependant made on behalf of CFCs under ICTA88/SCH24/PARA4(1) do not apply to a designated currency election under CTA10/S9A. Previous page Print this page
