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Finance Act 2007

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Finance Act 2007, Paragraph 16 is up to date with all changes known to be in force on or before 14 February 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. Help about Changes to Legislation

16(1)In Chapter 3 of Part 7 of ICTA—U.K.

(a)in section 289 (eligibility for relief), for subsections (9) to (13) substitute—

(9)Section 190 of ITA 2007 (meaning of “qualifying 90% subsidiary”) applies for the purposes of this Chapter.;

(b)in section 312(1) (interpretation of Chapter), in the definition of “qualifying 90% subsidiary”, omit “to (13)”.

(2)In section 190 of ITA 2007 (EIS: meaning of “qualifying 90% subsidiary”), after subsection (1) insert—

(1A)For the purposes of this Part, a company (“company A”) which is a subsidiary of another company (“company B”) is a qualifying 90% subsidiary of a third company (“company C”) if—

(a)company A is a qualifying 90% subsidiary of company B, and company B is a qualifying 100% subsidiary of company C, or

(b)company A is a qualifying 100% subsidiary of company B, and company B is a qualifying 90% subsidiary of company C.

(1B)For the purposes of subsection (1A), no account is to be taken of any control company C may have of company A.

(1C)For those purposes, a company (“company X”) is a qualifying 100% subsidiary of another company (“company Y”) at any time when the conditions in subsection (1)(a) to (e) would be met if—

(a)company X were the subsidiary,

(b)company Y were the relevant company, and

(c)in subsection (1) for “at least 90%” in each place there were substituted “ ;100% ”.

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