Version Superseded: 19/07/2007
Point in time view as at 06/04/2007. This version of this provision has been superseded.
There are currently no known outstanding effects for the Income Tax Act 2007, Section 691.
(1)A company is a relevant company for the purposes of sections 689 and 690 if it is—
(a)a company under the control of not more than 5 persons (but see subsection (2)), or
(b)any other company none of whose shares or stocks is—
(i)listed in the Official List of the Stock Exchange, and
(ii)dealt in on the Stock Exchange regularly or from time to time.
(2)A company is not a relevant company for those purposes if it is under the control of one or more companies which are not relevant companies for those purposes.
(3)The reference in subsection (1)(b) to shares or stocks does not include debenture stock, preferred shares or preferred stock.
(4)In this section “control” has the meaning given by section 416(2) to (6) of ICTA (close companies: meaning of “associated company” and “control”).
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