The Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations 2000
Section 750A of the Income and Corporation Taxes Act 1988 (inserted by paragraph 3 of Schedule 31 to the Finance Act 2000) (“section 750A” and “the 1988 Act” respectively) provides that, where in any accounting period—a company is resident in a particular territory outside the United Kingdom for the purposes of Chapter IV of Part XVII of the 1988 Act (controlled foreign companies),the local tax of the territory concerned in respect of the profits of the company in that accounting period is equal to or greater than three-quarters of the corresponding United Kingdom tax on those profits, andthat local tax is determined under designer rate tax provisions,