Yn ddilys o 22/07/2004
Requirement as to property managing subsidiariesU.K.
10ZA(1)The requirement of this paragraph is that the relevant company must not have a property managing subsidiary which is not a relevant qualifying subsidiary of the relevant company.
(2)“Property managing subsidiary” means a qualifying subsidiary of the relevant company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.
(3)In sub-paragraph (2) above, “land” and “property deriving its value from land” have the same meaning as in section 776.