[F16(1)The times when a company shall be taken to have been a qualifying company by reference to an individual, the trustees of a settlement or an individual’s personal representatives are—U.K.
(a)in the case of an individual, those set out in sub-paragraphs (2) and (3) below; and
(b)in the case of the trustees of a settlement, those set out in sub-paragraphs (2) and (4) below; and
(c)in the case of personal representatives, those set out in sub-paragraph (2) below.
(2)A company was a qualifying company by reference to an individual, the trustees of a settlement or personal representatives at any time when both the following conditions were satisfied, that is to say—
(a)the company was a trading company or the holding company of a trading group; and
(b)the voting rights in that company were exercisable, as to not less than 25 per cent., by that individual or, as the case may be, the trustees of the settlement or the personal representatives.
(3)A company was also a qualifying company by reference to an individual at any time when all of the following conditions were satisfied, that is to say—
(a)the company was a trading company or the holding company of a trading group;
(b)the voting rights in that company were exercisable, as to not less than 5 per cent., by that individual; and
(c)that individual was a full-time working officer or employee of that company or of a company which at the time had a relevant connection with that company.
(4)A company was also a qualifying company by reference to the trustees of a settlement at any time when all the following conditions were satisfied, that is to say—
(a)the company was a trading company or the holding company of a trading group;
(b)the voting rights in that company were exercisable, as to not less than 5 per cent., by the trustees of that settlement; and
(c)an eligible beneficiary was a full-time working officer or employee of that company or of a company which at the time had a relevant connection with that company.]
Textual Amendments
F1Sch. A1 inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), s. 121(2), Sch. 20