OpenLegislation

Paragraph 5

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

(1)

A UK company is a “qualifying company” in any financial year (subject to any regulations under sub-paragraph (5)) if sub-paragraph (2) or (3) applies to it.

(2)

This sub-paragraph applies to the company if, at the end of the previous financial year—

(a)

it satisfied the qualification test for a UK company, and

(b)

was not a member of a UK group or a UK sub-group.

(3)

This sub-paragraph applies to the company if, at the end of the previous financial year—

(a)

it was a member of a foreign group,

(b)

the group met the qualification test for a group, and

(c)

it was not a member of a UK sub-group of that foreign group.

(4)

The qualification test for a UK company is that the company satisfied either or both of the following conditions (by reference to the previous financial year)—

1. The company's turnoverMore than £200 million
2. The company's balance sheet totalMore than £2 billion.
(5)

The Treasury may by regulations provide that a company of a description specified in the regulations is not a qualifying company for the purposes of this Schedule (or any such purpose specified in the regulations).

(6)

For the purposes of this paragraph a UK permanent establishment of a foreign relevant body is to be treated as if it were—

(a)

a UK company, and

(b)

if the foreign relevant body is a member of a UK group or a UK sub-group, a member of that group or sub-group.