(1) Subject to subsection (6), for the purposes of this Part, a controlled foreign company shall be regarded as being resident for an accounting period in the territory in which, throughout that period, it is subject to tax by reason of domicile, residence or place of management.
(2) Where there are two or more territories falling within subsection (1) in any accounting period, the company shall in that accounting period be regarded as being resident -
(a) where, throughout the accounting period, the company's place of effective management is situated in one of the territories, in that territory,
(b) where, throughout the accounting period, the company's place of effective management is situated in two or more of the territories and immediately before the end of the accounting period more than 50 per cent of the company's assets are situated in a territory, in the territory in which those assets are situated, or
(c) where neither paragraph (a) nor (b) applies and immediately before the
…