152 Qualifying companies.U.K.
(1)Subject to the following provisions of this section, any company is a qualifying company.
(2)A company established for charitable purposes only is not a qualifying company.
(3)Where a unit trust scheme is an authorised unit trust as respects an accounting period the trustees (who are deemed to be a company for certain purposes by section 468(1) of the Taxes Act 1988) are not a qualifying company as regards that period.
(4)A company which is approved for the purposes of section 842 of the Taxes Act 1988 (investment trusts) for an accounting period is not a qualifying company as regards that period.
(5)In this section —
“unit trust scheme” has the same meaning as in section 469 of the Taxes Act 1988;
“authorised unit trust” has the same meaning as in section 468 of that Act.