- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 22/07/2020
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(1)For the purposes of this Chapter a qualifying trading company is a company which meets each of conditions A to D.
(2)Condition A is that the company either—
(a)meets each of the following requirements on the date of the disposal—
(i)the trading requirement (see section 79),
(ii)the control and independence requirement (see section 81),
(iii)the qualifying subsidiaries requirement (see section 82), and
(iv)the property managing subsidiaries requirement (see section 83), or
(b)has ceased to meet any of those requirements at a time which is not more than 3 years before that date and has not since that time been an excluded company, an investment company or a trading company.
(3)Condition B is that the company either—
(a)has met each of the requirements mentioned in condition A for a continuous period of 6 years ending on that date or at that time, or
(b)has met each of those requirements for a shorter continuous period ending on that date or at that time and has not before the beginning of that period been an excluded company, an investment company or a trading company.
(4)Condition C is that the company—
(a)met the gross assets requirement (see section 84) both immediately before and immediately after the issue of the shares in respect of which the share loss relief is claimed, and
(b)met the unquoted status requirement (see section 85) at the relevant time within the meaning of that section.
(5)Condition D is that the company has carried on its business wholly or mainly in the United Kingdom throughout the period—
(a)beginning with the incorporation of the company or, if later, 12 months before the shares in question were issued, and
(b)ending with the date of the disposal.
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