Part 13Tax avoidance
Chapter 1Transactions in securities
Circumstances in which income tax advantages obtained or obtainable
691Meaning of “relevant company” in sections 689 and 690
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
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”).