The Taxation (International and Other Provisions) Act 2010 (Amendment to Section 371RE) (Controlled Foreign Companies) Regulations 2014
These Regulations amend section 371RE of the Taxation (International and Other Provisions) Act 2010 to update the reference to the Financial Reporting Standard by reference to which the control of a company is determined. Financial Reporting Standard 102 replaces Financial Reporting Standard 2 in relation to accounting periods beginning on or after 1st January 2015. Consequential amendments are necessary to update the references to “parent” and “subsidiary”.