# Finance Act 2009, Paragraph 17


(1) In its application in relation to a relevant accounting period of a qualifying holding company, Part 2 of Schedule 25 to ICTA has effect subject to the modifications in this paragraph.
(2) Sub-paragraph (4) or (4A) of paragraph 6 applies to a company only if—
(a) the condition specified in that sub-paragraph is met, and
(b) conditions A and B are met.
(3) Condition A is that at all material times the company was a member of a group with the same ultimate corporate parent.
(4) For this purpose the following times are “material”—
(a) the beginning of 9 December 2008, and
(b) all times during the accounting period in question.
(5) Condition B is that amount X does not exceed amount Y.
(6) Amount X is the amount of the company's gross income in the accounting period in question that is non-qualifying gross income.
(7) Amount Y is (subject to sub-paragraph (8))—
(a) where there are three reference periods in relation to the company, the greatest of the amounts of the company's non-qualifying gross income in each of those periods,
(b) where there are two reference periods in relation to the company, the greater of the amounts of the company's non-qualifying gross income in each of those periods,
(c) where there is one reference period in relation to the company, the amount of the company's non-qualifying gross income in that period, or
(d) where there is no reference period in relation to the company, the amount of the company's non-qualifying gross income in the period of 12 months ending with 9 December 2008.
(8) Where the number of days in the period by reference to which amount X is determined is not the same as the number of days in the period by reference to which amount Y is determined, amount Y is to be multiplied by—
DXDYwhere—
DX is the number of days in the period by reference to which amount X is determined, and
DY is the number of days in the period by reference to which amount Y is determined.
(9) In this paragraph—
“non-qualifying gross income” means gross income that does not satisfy the test in paragraph 6(3), (4) or (4A) of Schedule 25 to ICTA;
“a reference period”, in relation to a company, means an accounting period of the company that—
(a)is one of the last three accounting periods of the company to end before 9 December 2008, and
(b)is an accounting period in relation to which the company is an exempt holding company.

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Source: https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/17 (the official version)
Page: https://openlegislation.uk/finance-act-2009/schedule-16/paragraph-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.