This is the original version (as it was originally enacted).
11(1)A company (“company B”) is a principal company of company A if—
(a)company A is a qualifying 75% subsidiary of company B, and
(b)company B is not a qualifying 75% subsidiary of another company.
(2)There is a relevant change in the relationship between company A and company B (as a principal company) on any day if company A ceases to be a qualifying 75% subsidiary of company B on that day.
(3)A company (“company C”) is a principal company of company A if—
(a)company A is a qualifying 75% subsidiary of company B,
(b)company B is a qualifying 75% subsidiary of company C, and
(c)company C is not a qualifying 75% subsidiary of another company.
(4)There is a relevant change in the relationship between company A and company C (as a principal company) on any day if—
(a)company A ceases to be a qualifying 75% subsidiary of company B on that day, or
(b)company B ceases to be a qualifying 75% subsidiary of company C on that day.
(5)If company C is a qualifying 75% subsidiary of another company (“company D”), company D is a principal company of company A unless company D is a qualifying 75% subsidiary of another company, and so on.
(6)Accordingly, there is a relevant change in the relationship between company A and a principal company of company A on any day if—
(a)in determining which company is a principal company, regard is had to any company which is a qualifying 75% subsidiary of another, and
(b)that company ceases to be a qualifying 75% subsidiary of the other on that day.
(7)This paragraph is supplemented by paragraph 15 (meaning of a qualifying 75% subsidiary).
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