96 Enterprise management incentives: subsidiaries
Finance Act 2004 (2004 c 12) | Legislation

96  Enterprise management incentives: subsidiaries

(1)     Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (enterprise management incentives) is amended as follows.

(2)     In paragraph 8 (qualifying companies: introduction) after “having only qualifying subsidiaries (see paragraphs 10 and 11),” insert—

“property managing subsidiaries (see paragraphs 11A and 11B),” .

(3)     In paragraph 10 (the qualifying subsidiaries requirement) for sub-paragraph (2) substitute—

“(2)     In this paragraph “subsidiary” means any company which the company controls, either on its own or together with any person connected with it.

(3)     For the purpose of sub-paragraph (2), the question whether a person controls a company is to be determined in accordance with section 416(2) to (6) of ICTA (“control” in the context of close companies).”

(4)     In paragraph 11 (meaning of “qualifying subsidiary”)—

(a)     in sub-paragraph (2), omit paragraphs (a) to (c),

(b)     before paragraph (d) of that sub-paragraph insert—

“(ca)     that the subsidiary is a 51% subsidiary of the holding

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