Paragraph 13

(1)

In this Part “qualifying holding company” means a controlled foreign company that was an exempt holding company in relation to the last accounting period to end before 1 July 2009.

(2)

For the purposes of sub-paragraph (1) paragraphs 14 and 15 are to be disregarded.

(3)

For the purposes of this Part a company is an “exempt holding company” in relation to an accounting period if—

(a)

throughout the period the company is, within the meaning of Part 2 of Schedule 25 to ICTA, engaged in exempt activities, and

(b)

paragraph 6(4) or (4A) of that Schedule applies to the company in relation to the period.