Section 257DN The property managing subsidiaries requirementF1

(1)

Any property managing subsidiary that the issuing company has at any time in period B must be a qualifying 90% subsidiary of the company.

(2)

“Property managing subsidiary” means a subsidiary of the company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.

(3)

In subsection (2) references to property deriving its value from land include—

(a)

any shareholding in a company deriving its value directly or indirectly from land,

(b)

any interest in settled property deriving its value directly or indirectly from land, and

(c)

any option, consent or embargo affecting the disposition of land.

Annotations

Textual amendments

F1: Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1

Notes on Part 5A

Modifications

C1: Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)