[299A The no disqualifying arrangements requirement]
Income Tax Act 2007 (2007 c 3) | Legislation

[299A  The no disqualifying arrangements requirement]

[(1)     The relevant holding must not have been issued, nor any money raised by the issue employed, in consequence or anticipation of, or otherwise in connection with, disqualifying arrangements.

(2)     Arrangements are “disqualifying arrangements” if—

(a)     the main purpose, or one of the main purposes, of the arrangements is to secure—

(i)     that a qualifying activity is or will be carried on by the relevant company or a qualifying 90% subsidiary of that company, and

(ii)     that shares or securities issued by the relevant company may be comprised in any company's qualifying holdings or that one or more persons may obtain relevant tax relief in respect of such shares which raise money for the purposes of that qualifying activity,

(b)     that

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