(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—
[F1(i)included in the official UK list, and]
[F1(ii)dealt in on a recognised stock exchange in the United Kingdom 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”).
Textual Amendments
F1S. 691(1)(b)(i)(ii) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 12(11)