Meaning of “non-financial trading group"U.K.
12(1)A group is a “non-financial trading group" unless the business of the group consists wholly or as to a substantial part in the carrying on of one or more of the following—U.K.
(a)trades other than non-financial trades;
(b)businesses which are not trades.
(2)The business of the group means what would be the business of the group if the activities of the group companies taken together were regarded as one business.
(3)For this purpose activities of a group company shall be disregarded to the extent that they consist in—
(a)the holding of shares in or securities of, or the making of loans to, another group company;
(b)the holding and managing of property used by a group company for the purposes of one or more non-financial trades carried on by a group company; or
(c)the holding of shares to which investment relief is attributable, unless the holding of such shares amounts to a substantial part of the company’s business.