Tax rate exemption - where the local tax paid is at least 75% of the tax that would have been paid in the UK. De minimis threshold - less than £50k profits in a 12 month period, or less than £500k profits so long as passive interest income does not exceed £50k in that period. Low profit margin exemption - where accounting profits are not more than 10% of relevant operating expenses. Excluded countries list based on regimes with similar tax rules to UK, subject to an anti-avoidance test and limits on passive income. Temporary exemption period for certain acquisitions, subject to anti-avoidance conditions. Partial and full exemption for certain types of intra-group finance profits, subject to detailed anti-avoidance conditions. Exemption for certain trading profits where a minority of significant people functions are carried out in the UK.