Part 5Enterprise investment scheme
Chapter 4The issuing company
The requirements
185The control and independence requirement
1
The control element of the requirement is that—
a
the issuing company must not at any time in period B control (whether on its own or together with any person connected with it) any company which is not a qualifying subsidiary of the issuing company, and
b
no arrangements must be in existence at any time in that period by virtue of which the issuing company could fail to meet paragraph (a) (whether during that period or otherwise).
2
The independence element of the requirement is that—
a
the issuing company must not at any time in period B—
i
be a 51% subsidiary of another company, or
ii
be under the control of another company (or of another company and any other person connected with that other company), without being a 51% subsidiary of that other company, and
b
no arrangements must be in existence at any time in that period by virtue of which the issuing company could fail to meet paragraph (a) (whether during that period or otherwise).
3
This section is subject to section 247(4) (exchange of shares).