SCHEDULES
F1SCHEDULE 7ACExemptions for disposals by companies with substantial shareholding
Part 4Interpretation
Meaning of “company", “group" and related expressions
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1
In this Schedule—
a
“company” has the meaning given by section 170(9); and
b
references to a group, or to membership of a group, shall be construed in accordance with the provisions of section 170 read as if “51 per cent" were substituted for “75 per cent".
2
References in this Schedule to a “subgroup” are to companies that would form a group but for the fact that one of them is a 51% subsidiary of another company.
3
In this Schedule “holding company”—
a
in relation to a group, means the company described in section 170 as the principal company of the group;
b
in relation to a subgroup, means a company that would be the holding company of a group but for being a 51% subsidiary of another company.
4
5
References in this Schedule to a “group” or “subsidiary” shall be construed with any necessary modifications where applied to a company incorporated under the law of a country or territory outside the United Kingdom.
Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1