Version Superseded: 08/04/2010
Point in time view as at 01/04/2010. This version of this provision has been superseded.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—
[F1(i)included in the official UK list, and
(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” [F2is to be read in accordance with sections 450 and 451 of CTA 2010 (close companies: meaning of “control”)].
Textual Amendments
F1S. 691(1)(b)(i)(ii) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 12(11)
F2Words in s. 691(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 546 (with Sch. 2)
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