[393A Close investment-holding companies]
Income Tax Act 2007 (2007 c 3) | Legislation

[393A  Close investment-holding companies]

[(1)     For the purposes of sections 392 and 393, a close company (“the candidate company”) is a close investment-holding company in an accounting period unless throughout the period it exists wholly or mainly for one or more of the permitted purposes set out in subsection (2).

There is an exception to this rule in subsection (5).

(2)     The candidate company exists for a permitted purpose so far as it exists—

(a)     for the purpose of carrying on a trade or trades on a commercial basis,

(b)     for the purpose of making investments in land, or estates or interests in land, in cases where the land is, or is intended to be, let commercially (see subsection (3)),

(c)     for the purpose of holding shares in

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Third party rights—the common law doctrine of privity of contract

Third party rights—the common law doctrine of privity of contractThis Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the

LEXISNEXIS

Proprietary estoppel

Proprietary estoppelThis Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice

LEXISNEXIS

Possession with intent to supply

Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international