Part 3 Qualifying Companies
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 3 Qualifying Companies

Qualifying companies: introduction

8

A “qualifying company†is a company in relation to which the requirements of this Part of this Schedule as to the following are met at the appropriate time—

independence (see paragraph 9),

having only qualifying subsidiaries (see paragraphs 10 and 11),

[property managing subsidiaries (see paragraphs 11A and 11B),]

gross assets (see paragraph 12), . . .

[number of employees (see paragraph 12A), . . .]

trading activities (see paragraphs 13 and 14, read with paragraphs 15 to 23)[, and

UK permanent establishment (see paragraph 14A)].

The independence requirement

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(1)     The independence requirement consists of two conditions.

(2)     The first condition is that the company is not—

(a)     a 51% subsidiary of another company, or

(b)     a company which is under the control of—

(i)     another company, or

(ii)     another company and any other person connected with that other company,

without being a 51% subsidiary of that other company.

(3)     The second condition is that no arrangements are in existence by virtue of which the company could become such a subsidiary or fall under such control.

(4)     Arrangements with a view to a qualifying exchange

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