F1PART 5BTax relief for social investments
CHAPTER 4Eligibility: conditions relating to the social enterprise
Interpretation of conditions relating to the social enterprise
257MPMeaning of “qualifying trade”
(1)
For the purposes of this Chapter, a trade is a qualifying trade if—
(a)
it is conducted on a commercial basis and with a view to the realisation of profits, and
(b)
it does not at any time in the shorter applicable period consist wholly or as to a substantial part in the carrying-on of excluded activities.
(2)
References in this section and sections 257MQ to 257MT (excluded activities) to a trade are to be read without regard to the definition of “trade” in section 989.