Paragraph 26 F1

United Kingdom

(1)

In this Schedule—

(a)

“company” has the meaning given by section 170(9); and

(b)

references to a group, or to membership of a group, shall be construed in accordance with the provisions of section 170 read as if “51 per cent" were substituted for “75 per cent".

(2)

References in this Schedule to a “subgroup” are to companies that would form a group but for the fact that one of them is a 51% subsidiary of another company.

(3)

In this Schedule “holding company”—

(a)

in relation to a group, means the company described in section 170 as the principal company of the group;

(b)

in relation to a subgroup, means a company that would be the holding company of a group but for being a 51% subsidiary of another company.

(4)

In this Schedule “51% subsidiary” has the meaning given by F2Chapter 3 of Part 24 of CTA 2010.

In applying F3that Chapter for the purposes of this Schedule, any share capital of a F4registered society (see section 1119 of that Act) shall be treated as ordinary share capital.

(5)

References in this Schedule to a “group” or “subsidiary” shall be construed with any necessary modifications where applied to a company incorporated under the law of a country or territory outside the United Kingdom.

Annotations

Textual amendments

F1: Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
F2: Words in Sch. 7AC para. 26(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(5)(a) (with Sch. 2)
F3: Words in Sch. 7AC para. 26(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(5)(b) (with Sch. 2)
F4: Words in Sch. 7AC para. 26(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 53 (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 7, 15)