301 Meaning of “qualifying 90% subsidiary”
Income Tax Act 2007 (2007 c 3) | Legislation

301  Meaning of “qualifying 90% subsidiary”

(1)     For the purposes of this Chapter, a company (“the subsidiary”) is a qualifying 90% subsidiary of the relevant company at any time when the following conditions are met—

(a)     the relevant company possesses at least 90% of the issued share capital of, and at least 90% of the voting power in, the subsidiary,

(b)     the relevant company would—

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

(ii)     in any other circumstances,

be beneficially entitled to receive at least 90% of the assets of the subsidiary which would then be available for distribution to equity holders of the subsidiary,

(c)     the relevant company is beneficially entitled to receive at

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