Valid from 06/04/2007
Textual Amendments
F1Pt. 13 Ch. 5A created (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by virtue of Income Tax Act 2007 (c. 3), Sch. 1 para. 117(3) (with Sch. 2)
(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 576B),
(ii)the control and independence requirement (see section 576D),
(iii)the qualifying subsidiaries requirement (see section 576E), and
(iv)the property managing subsidiaries requirement (see section 576F), 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 576G) both immediately before and immediately after the issue of the shares in respect of which the relief is claimed under this Chapter, and
(b)met the unquoted status requirement (see section 576H) 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.]
Textual Amendments
F2S. 576A inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 121 (with Sch. 2)