Regulation 2 Interpretation

In these Regulations a reference to a section without more is a reference to that section of the Income and Corporation Taxes Act 1988.

In these Regulations—

• “constitutional document” means the memorandum of association, articles of association or other similar instrument regulating the functions of the Association;

• “intellectual property” has the meaning it has in paragraph 2(2) of Schedule 29 to the Finance Act 2002^f1;

• “relevant income” means the amount determined in accordance with regulation 7 (relevant income of an accounting period); and

• “100% subsidiary company” means a company—

  1. (a)

     the entire ordinary share capital of which is beneficially owned directly or indirectly by the Association, or

  2. (b)

     which is one limited by guarantee and of which the Association is the only member.

Section 838 (subsidiaries)^f2 shall apply for the purpose of determining whether a company is a 100% subsidiary company of an Association but construing references in section 838(1)(b) to 75 per cent as to 100%.