# Finance Act 2003, Paragraph 11: Excluded companies


(1) A company is an “excluded company” for the purposes of paragraph 7(3)(c) if it is any of the following—
(a) a PAIF;
(b) a body corporate that is a 51% subsidiary of PAIF;
(c) a company UK REIT;
(d) a company that is a member of a group UK REIT;
(e) a company acting as a trustee of a settlement.
(2) In this paragraph—
(a) “PAIF” means a body corporate that is a property AIF for the purposes of Schedule 7A to this Act by virtue of paragraph 2(2) of that Schedule;
(b) “51% subsidiary” has the same meaning as in the Corporation Tax Acts (see Chapter 3 of Part 24 of CTA 2010);
(c) “company UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 524(5) of that Act);
(d) “group UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 523(5) of that Act).

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/9A/paragraph/11 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-9A/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.