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(c) is not a qualifying company within the meaning of section 110.

(II) corporation tax under Schedule D, in respect of the profits or gains or losses arising from the arrangement concerned, where any profits or gains or losses of the acquirer arising directly or indirectly from the relevant activities of the acquirer are or, if there were any such profits or gains or losses, would be, chargeable to corporation tax under Schedule D for the chargeable period, or would be chargeable to corporation tax but for section 129 section 129 or 831B, and the acquirer is resident in the State for the chargeable period.

(b) For the purpose of this subsection, “tax advantage” has the same meaning as in section 811C(1).

(II) corporation tax under Schedule D, in respect of the profits or gains or losses arising from the arrangement concerned, where any profits or gains or losses of the acquirer arising directly or indirectly from the relevant activities of the acquirer are or, if there were any such profits or gains or losses, would be, chargeable to corporation tax under Schedule D for the chargeable period, or would be chargeable to corporation tax but for section 129 section 129 or 831B, and the acquirer is resident in the State for the chargeable period.

then, section 835C shall not apply in computing the amount of profits or gains or losses arising to the eligible person from the arrangement for the chargeable period.

(b) For the purpose of this subsection, “domestic tax” and “foreign tax” have the same meaning as in section 835Z(1).