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11(1)In the application of section 112—
(a)a reference to a company to which Part 4 applies shall be treated as a reference to each member of a group to which Part 4 applies,
(b)a reference to C (residual) shall be treated as a reference to the company as a member of G (residual),
(c)in subsection (3) the reference to assets treated as sold and re-acquired under section 111(2) shall be construed in accordance with paragraph 9(4) or 10(2), and
(d)the section shall apply to non-UK resident members—
(i)as if section 111 applied to UK property rental business (within the meaning given by paragraph 32(1)) carried on by them,
(ii)as if a reference to a charge to corporation tax under Case VI of Schedule D were a reference to a charge to income tax, and
(iii)as if a reference to the rate at which the company pays tax on income were, where relevant, a reference to the rate at which the company would pay tax on the notional income if it were the highest part of the company’s income.
(2)Where a company joins a group to which Part 4 applies, section 112 shall apply to the company as if joining the group amounted to becoming a company to which Part 4 applies (but with a reference to C (residual) being treated as a reference to the company as a member of G (residual)).
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