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Part 12Real Estate Investment Trusts

Chapter 11Part 12: supplementary

Interpretation

606Groups

(1)For the purposes of this Part a company (“the principal company”) and all its 75% subsidiaries form a group; and if any of those subsidiaries have 75% subsidiaries the group includes them and their 75% subsidiaries, and so on.

This is subject to subsection (2).

(2)A group does not include—

(a)a company (other than the principal company) which is not an effective 51% subsidiary of the principal company,

(b)an insurance company,

(c)an insurance subsidiary, or

(d)an open-ended investment company.

(3)A company cannot be a member of more than one group; and if a company would be a member of more than one group, section 170(6) of TCGA 1992 (capital gains tax: groups) applies to determine the group of which it is a member.

(4)Subsection (3) does not apply for the purposes of Chapter 10.

(5)In this section—