Finance Act 2000

Availability of relief

1 In section 402 of the Taxes Act 1988 (availability of group relief), after subsection (3) insert—

“(3A) Group relief is not available unless the following condition is satisfied in the case of both the surrendering company and the claimant company.

(3B) The condition is that the company is resident in the United Kingdom or is a non-resident company carrying on a trade in the United Kingdom through a branch or agency.”.

2 (1) In section 413 of that Act (interpretation of Chapter IV), in subsection (2), insert the following definitions at the appropriate places—

““company” means any body corporate;”

““non-resident company” means a company that is not resident in the United Kingdom;”.

(2) In subsection (5) of that section, the words from the beginning to “Kingdom; and”, paragraph (c) and the word “or” immediately preceding that paragraph shall cease to have effect.