835O. Corresponding chargeable profits in the State

(1) For the purpose of determining the corresponding chargeable profits in the State of a controlled foreign company for an accounting period, it shall be assumed—

(a)(i) that the company is resident in the State at all times during the accounting period,

(ii) if the accounting period is not the company’s first accounting period, that the company has been resident in the State since its first accounting period,

(iii) except where the company ceases to be regarded as a controlled foreign company in accordance with this Chapter in the accounting period, that the company will continue to be resident in the State in subsequent accounting periods, and

(iv) where the company was resident in the State in the accounting period immediately prior to its first accounting period, that the residence assumed in accordance with this paragraph is not continuous with its residence in the State immediately prior to its first accounting period,

(b) that the company is, has been and will continue to be within the charge to corporation tax,

(c) that the accounting periods of the company, as determined in accordance with section 835K, are accounting periods for corporation tax purposes,

(d) that there is no change in the place or places at which the company carries on its activities,

(e) that the company is not a close company within the meaning of section 430,

(f) where any allowance, credit, deduction, relief or repayment under the Tax Acts is dependent upon the making of a claim or election, that the company has made that claim or election which would give the maximum amount of allowance, credit, deduction, relief or repayment and that the claim or election was made within any applicable time limit,

(g) that the company is neither a member of a group of companies nor a member of a consortium for any purposes of the Tax Acts, and

(h) that the company is not entitled to relief under Part 35 in respect of any amount of income, profits or gains for tax paid on such income, profits or gains under the laws of the company’s territory of residence.

(2) In this section, references to the first accounting period of a controlled foreign company are references to the accounting period in which the company first falls to be regarded as a controlled foreign company in accordance with this Chapter.

(3) Nothing in this section affects any liability to, or the computation of, corporation tax in respect of a trade which is carried on by a controlled foreign company through a branch or agency in the State.