A “qualifying company” is a company in relation to which the requirements of this Part of this Schedule as to the following are met at the appropriate time—

• independence (see paragraph 9),

• having only qualifying subsidiaries (see paragraphs 10 and 11),

• F1property managing subsidiaries (see paragraphs 11A and 11B),

• gross assets (see paragraph 12), F2...

• F3number of employees (see paragraph 12A), F4...

• trading activities (see paragraphs 13 and 14, read with paragraphs 15 to 23)F5, and

• UK permanent establishment (see paragraph 14A).