Version Superseded: 01/10/2014
Point in time view as at 03/08/2005.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: The independence requirement is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
9(1)The independence requirement consists of two conditions.U.K.
(2)The first condition is that the company is not—
(a)a 51% subsidiary of another company, or
(b)a company which is under the control of—
(i)another company, or
(ii)another company and any other person connected with that other company,
without being a 51% subsidiary of that other company.
(3)The second condition is that no arrangements are in existence by virtue of which the company could become such a subsidiary or fall under such control.
(4)Arrangements with a view to a qualifying exchange of shares (see paragraph 40) do not count for the purposes of the second condition.
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