Paragraph 12

(1)

For the purposes of this Part of this Schedule a company is an associate of the supplier if—

(a)

the company is a wholly owned subsidiary of the supplier;

(b)

the supplier is a wholly owned subsidiary of the company; or

(c)

the company and the supplier are both wholly owned subsidiaries of another company;

and the company is registered under the M1Companies Act 1985 as a company limited by shares.

(2)

The references in sub-paragraph (2) to a wholly owned subsidiary shall be construed in accordance with section 736 of the Companies Act 1985.

Annotations