# Finance Act 2000, Paragraph 13

Extent: E+W+S+N.I.

(1) The independence requirement is that the company is not—
(a) a 51% subsidiary of another company, or
(b) under the control of another company (or of another company and any other person connected with that other company), without being a 51% subsidiary of that other company,
and that no arrangements are in existence by virtue of which the company could become such a subsidiary or fall under such control.
(2) For the purposes of this requirement arrangements with a view to a qualifying exchange of shares (within the meaning of paragraph 60) shall be disregarded.
(3) In this paragraph “control” has the meaning given by section 840 of the Taxes Act 1988.

---
Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/14/paragraph/13 (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-14/paragraph-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.