OpenLegislation

Paragraph 14

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A company that has one or more subsidiaries is not a qualifying company unless every subsidiary of the company is a qualifying subsidiary.

(2)

For this purpose—

(a)

“subsidiary” means any company which the company controls, either on its own or together with any person connected with it, and

(b)

the question whether a person controls a company shall be determined in accordance with section 416(2) to (6) of the Taxes Act 1988.

Notes on Schedule 14

Textual amendments

F1

Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)