20(1)The issuing company is not a qualifying issuing company in relation to the relevant shares if, at any time during the qualification period relating to those shares, it has a subsidiary which is not a qualifying subsidiary.U.K.
(2)For this purpose—
(a)“subsidiary” means any company which the company controls, either on its own or together with any person connected with it; and
(b)the question whether a person controls a company shall be determined in accordance with section 416(2) to (6) of the Taxes Act 1988.