Abolition of special rules for holding companies other than local holding companiesU.K.
10(1)Part 2 of Schedule 25 to ICTA (exempt activities) is amended as follows.U.K.
(2)In paragraph 6 (definition of exempt activities)—
(a)in sub-paragraph (1)(c), for “(2), (3), (4) or (4A)” substitute “ (2) or (3) ”,
(b)in sub-paragraph (3)(b), omit “or superior holding companies”,
(c)omit sub-paragraphs (4) to (4BB),
(d)in sub-paragraph (5)—
(i)for “sub-paragraphs (3) to (4B)” substitute “ sub-paragraph (3) ”, and
(ii)omit “or superior holding company”,
(e)in sub-paragraph (5ZA), omit “or superior holding company”,
(f)in sub-paragraph (5ZB), omit “or superior holding company”,
(g)in sub-paragraph (5A), for “sub-paragraphs (3) to (4B)” substitute “ sub-paragraph (3) ”,
(h)omit sub-paragraph (5B),
(i)in sub-paragraph (5C), omit “or superior holding company”, and
(j)in sub-paragraph (6), for “sub-paragraphs (1) to (4BB) above” substitute “ this paragraph ”.
(3)In paragraph 8(3) (paragraph 6(1)(b) condition), omit “or superior holding company”.
(4)In paragraph 12 (definition of “holding company” etc)—
(a)in sub-paragraph (1), for “paragraph 12A below and in” substitute “ in ”,
(b)in sub-paragraph (4), omit “or (4), as the case may be,”, and
(c)in sub-paragraph (5)—
(i)in the words before paragraph (a), for “sub-paragraphs (3) and (4)” substitute “ sub-paragraph (3) ”, and
(ii)in paragraph (a), omit “or superior holding company”.
(5)Omit paragraph 12A (definition of “superior holding company” etc).
11U.K.In consequence of the amendments made by paragraph 10, omit—
(a)in FA 1998, in Schedule 17, paragraphs 30(4)(a), (5), (6) and (8), 31, 32(2) and (3)(a) and 33,
(b)in FA 2000, in Schedule 31, paragraph 7(2) to (7), (10) and (11), and
(c)in FA 2003, in Schedule 42, paragraph 2(2).