SCHEDULES
SCHEDULE 28B Venture Capital Trusts: Meaning of “qualifying holdings”
Requirement as to property managing subsidiaries
10ZA
(1)
The requirement of this paragraph is that the relevant company must not have a property managing subsidiary which is not a relevant qualifying subsidiary of the relevant company.
(2)
“Property managing subsidiary” means a qualifying subsidiary of the relevant company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.
(3)
In sub-paragraph (2) above, “land” and “property deriving its value from land” have the same meaning as in section 776.