# Finance Act 2004, Paragraph 6


After paragraph 21 insert—
“The property managing subsidiaries requirement
21A (1) The issuing company is not a qualifying issuing company in relation to the relevant shares if, at any time during the qualification period relating to those shares, it has a property managing subsidiary which is not a qualifying 90% subsidiary of the issuing company (see paragraph 23(10) and (11)).
(2) “Property managing subsidiary” means a qualifying subsidiary of the issuing company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.
(3) In sub-paragraph (2), “land” and “property deriving its value from land” have the same meaning as in section 776 of the Taxes Act 1988.”.

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Source: https://www.legislation.gov.uk/ukpga/2004/12/schedule/20/paragraph/6 (the official version)
Page: https://openlegislation.uk/finance-act-2004/schedule-20/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.