Taxes Consolidation Act 1997 section 835K

Accounting periods

Section 835K sets out the rules for determining the accounting period of a controlled foreign company (CFC).

• A CFC's accounting period begins on the date it becomes a CFC, and each subsequent period begins immediately after the previous one ends.
• An accounting period ends when the company ceases to be a CFC, becomes or ceases to be resident in a territory, or ceases to have any sources of income.
• The general corporation tax accounting period rules in section 27 also apply, including the 12-month maximum period and rules on winding up.
• Where the beginning or end of a CFC's accounting period is uncertain, Revenue may determine the period (not exceeding 12 months), subject to written notice and a 30-day right of appeal.