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
[F26(1)A company shall be taken to have been a qualifying company by reference to an individual at any time when—U.K.
(a)the company was a trading company or the holding company of a trading group, and
(b)one or more of the following conditions was met—
(i)the company was unlisted,
(ii)the individual was an officer or employee of the company, or of a company having a relevant connection with it, or
(iii)the voting rights in the company were exercisable, as to not less than 5%, by the individual.
(2)A company shall be taken to have been a qualifying company by reference to the trustees of a settlement at any time when—
(a)the company was a trading company or the holding company of a trading group, and
(b)one or more of the following conditions was met—
(i)the company was unlisted,
(ii)an eligible beneficiary was an officer or employee of the company, or of a company having a relevant connection with it, or
(iii)the voting rights in the company were exercisable, as to not less than 5%, by the trustees.
(3)A company shall be taken to have been a qualifying company by reference to an individual’s personal representatives at any time when—
(a)the company was a trading company or the holding company of a trading group, and
(b)one or more of the following conditions was met—
(i)the company was unlisted, or
(ii)the voting rights in the company were exercisable, as to not less than 5%, by the personal representatives.]]
Textual Amendments
F2Sch. A1 para. 6 substituted (with effect in accordance with s. 67(7) of the amending Act) by Finance Act 2000 (c. 17), s. 67(4)