
1 

(1) These Regulations may be cited as the Controlled Foreign Companies (Excluded Countries) (Amendment) Regulations 2002 and shall come into force on 1st October 2002.
(2) These Regulations have effect in relation to accounting periods beginning on or after 1st October 2002.
2 

(1) Amend regulation 7 of the Controlled Foreign Companies (Excluded Countries) Regulations 1998 as follows.
(2) In paragraph (3)(b)(i) for the words from “would be” to “company” substitute “is a derivative contract”.
(3) Omit paragraph (8).
Nick Montagu
Ann Chant
Two of the Commissioners of Inland Revenue
24th July 2002