# Income Tax (Earnings and Pensions) Act 2003, Paragraph 11A

Extent: E+W+S+N.I.

(1) A company is not a qualifying company if it has a property managing subsidiary which is not a qualifying 90% subsidiary of the company (see paragraph 11B).
(2) “Property managing subsidiary” means a qualifying subsidiary of a company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.
(3) In sub-paragraph (2) “property deriving its value from land” has the meaning given by section 188(3) of ITA 2007.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/11A (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-11A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.