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6(1)For subsection (2) of section 293 (qualifying companies) there shall be substituted—
“(2)The company must, throughout the relevant period, be an unquoted company which is resident in the United Kingdom and not resident elsewhere, and be—
(a)a company which exists wholly, or substantially wholly, for the purpose of carrying on activities which do not include, to any substantial extent, activities which are not qualifying activities; or
(b)a company whose activities consist wholly of—
(i)the holding of shares or securities of, or the making of loans to, one or more qualifying subsidiaries of the company; or
(ii)both the holding of such shares or securities, or the making of such loans, and the carrying on of activities which do not include, to any substantial extent, activities which are not qualifying activities.”
(2)Subsections (4) and (9) to (11) of that section shall be omitted.
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