Part 4 Meaning of “Qualifying 90% Subsidiary”
Finance Act 2007 (2007 c 11) | Legislation

Part 4 Meaning of “Qualifying 90% Subsidiary”

Corporate venturing scheme

15

(1)     Schedule 15 to FA 2000 is amended as follows.

(2)     In paragraph 23 (trading activities requirement), omit sub-paragraphs (10) and (11).

(3)     After that paragraph insert—

“Meaning of “qualifying 90% subsidiary”
23A

(1)     For the purposes of this Schedule, a company (“the subsidiary”) is a qualifying 90% subsidiary of the issuing company if the following conditions are met—

(a)     the issuing company possesses not less than 90% of the issued share capital of, and not less than 90% of the voting power in, the subsidiary;

(b)     the issuing company would—

(i)     in the event of a winding up of the subsidiary, or

(ii)     in any other circumstances,

be beneficially entitled to receive not less than 90% of the assets of the subsidiary which would then be available for distribution to the shareholders of the subsidiary;

(c)     the issuing company is beneficially entitled to not less than 90% of any profits of the subsidiary which are available for distribution to the shareholders of the subsidiary;

(d)     no person other than the issuing company has control of the subsidiary within the meaning of section 840

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

HCPC—Main hearing of the Health and Care Professions Tribunal

HCPC—Main hearing of the Health and Care Professions TribunalCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the government’s response to the coronavirus outbreak. In particular, the Health and Care Professions Council (HCPC) (Coronavirus) (Amendment) Rules Order

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is (a) on long-term sickness absence and has exhausted his entitlement to sick pay, or (b) has been dismissed summarily without notice?The amendments to sections 402 to 404 of the Income Tax

LEXISNEXIS

Nuisance and the rule in Rylands v Fletcher—common law liability for pollution

Private nuisancePrivate nuisance is an unlawful interference with a person's use or enjoyment of land or some right over or in connection with it. Interference must be unreasonable, and may be caused, eg by water, smoke, smell, fumes, gas, noise, heat or vibrations. Where the defendant has not