Income Tax Act 2007 (c. 3)

Part 13 U.K. Tax avoidance

Chapter 1 U.K. Transactions in securities

Circumstances in which income tax advantages obtained or obtainable U.K.

691 Meaning of “relevant company” in sections 689 and 690 U.K.

(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” [F2 is to be read in accordance with sections 450 and 451 of CTA 2010 (close companies: meaning of “control”)].

Textual Amendments

F1 S. 691(1)(b)(i)(ii) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 12(11)

F2 Words 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)