Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 10 Group relief

PART 4 Interpretation

When is a company a subsidiary of another company?

44 A company (A) is the 75% subsidiary of another company (B) if B—

(a) is beneficial owner of not less than 75% of the ordinary share capital of A,

(b) is beneficially entitled to not less than 75% of any profits available for distribution to equity holders of A, and

(c) would be beneficially entitled to not less than 75% of any assets of A available for distribution to its equity holders on a winding-up.