§ 1.—(1) Subject to sub-paragraphs (2) and (3) below, section 65(1) of this Act shall not apply in relation to a company which, immediately before the commencement date—
- (a) was carrying on business;
- (b) was not resident in the United Kingdom, having ceased to be so resident in pursuance of a Treasury consent; and
- (c) where that consent was a general consent, was taxable in a territory outside the United Kingdom.
§ (2) If any time on or after the commencement date a company falling within sub-paragraph (1) above—
- (a) ceases to carry on business; or
- (b) where the Treasury consent there referred to was a general consent, ceases to be taxable in a territory outside the United Kingdom, section 65(1) of this Act shall apply in relation to the company after that time or after the end of the transitional period, whichever is the later.
§ (3) If at any time on or after the commencement date a company falling within sub-paragraph (1) above becomes resident in the United Kingdom, section 65(1) of this Act shall apply in relation to the company after that time.
§ 2.—(1) Subject to sub-paragraphs (2) and (3) below, section 65(1) of this Act shall not apply in relation to a company which—
- (a) carried on business at any time before the commencement date;
- (b) ceases to be resident in the United Kingdom at any time on or after that date in pursuance of a Treasury consent; and
- (c) is carrying on business immediately after that time.
§ (2) If at any time after it ceases to be resident in the United Kingdom a company falling within sub-paragraph (1) above ceases to carry on a business, section 65(1) of this Act shall apply in relation to the company after that time or after the end of the transitional period, whichever is the later.
§ (3) If at any time after it ceases to be resident in the United Kingdom a company falling within sub-paragraph (1) above becomes resident in the United Kingdom, section 65(1) of this Act shall apply in relation to the company after that time.