[F126(1)In this Schedule—U.K.
(a)“company” has the meaning given by section 170(9); and
(b)references to a group, or to membership of a group, shall be construed in accordance with the provisions of section 170 read as if “51 per cent" were substituted for “75 per cent".
(2)References in this Schedule to a “subgroup” are to companies that would form a group but for the fact that one of them is a 51% subsidiary of another company.
(3)In this Schedule “holding company”—
(a)in relation to a group, means the company described in section 170 as the principal company of the group;
(b)in relation to a subgroup, means a company that would be the holding company of a group but for being a 51% subsidiary of another company.
(4)In this Schedule “51% subsidiary” has the meaning given by [F2Chapter 3 of Part 24 of CTA 2010].
In applying [F3that Chapter] for the purposes of this Schedule, any share capital of a registered industrial and provident society shall be treated as ordinary share capital.
(5)References in this Schedule to a “group” or “subsidiary” shall be construed with any necessary modifications where applied to a company incorporated under the law of a country or territory outside the United Kingdom.]
Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
F2Words in Sch. 7AC para. 26(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(5)(a) (with Sch. 2)
F3Words in Sch. 7AC para. 26(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(5)(b) (with Sch. 2)