5(1)Paragraph 21 (meaning of “qualifying subsidiary”) is amended as follows.U.K.
(2)In sub-paragraph (2)—
(a)omit paragraphs (a) to (c),
(b)before paragraph (d) insert—
“(ca)the subsidiary is a 51% subsidiary of the relevant company;”,
(c)in paragraph (e) for “the conditions in paragraphs (a) to” substitute “ either of the conditions in paragraphs (ca) and ”.
(3)In sub-paragraph (4)(a)(ii), after “company” insert “ concerned ”.
(4)In sub-paragraph (5)—
(a)after “qualifying subsidiary” insert “ of the relevant company ”,
(b)for “and not part” substitute “ and is not to be part ”.