# Income Tax Act 2007, Section 257MG: The property-managing subsidiaries requirement


(1) Any property-managing subsidiary that the social enterprise has at any time in the shorter applicable period must be a 90% social subsidiary of the social enterprise.
(2) In subsection (1) “property-managing subsidiary” means a subsidiary of the social enterprise whose business consists wholly or mainly in the holding or managing of land or any property deriving its value (directly or indirectly) from land.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/257MG (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-257MG
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.