Part 6Charitable donations relief
Chapter 2Certain payments to charity
Interpretation
200Company wholly owned by a charity
1
For the purposes of this Chapter a company is wholly owned by a charity if condition A or B is met.
2
Condition A is that—
a
the company has an ordinary share capital, and
b
every part of that share capital is owned by a charity (whether or not the same charity).
3
Condition B is that—
a
the company is limited by guarantee, and
b
every beneficiary of the company is or must be a charity or a company wholly owned by a charity.
4
Ordinary share capital of a company is treated as owned by a charity if a charity—
a
directly or indirectly owns that share capital within the meaning of Chapter 3 of Part 24, or
b
would be taken so to own it if references in that Chapter to a body corporate included references to a charity which is not a body corporate.
5
A beneficiary of a company is a person who—
a
is beneficially entitled to participate in the company's divisible profits, or
b
will be beneficially entitled to share in any of the company's net assets available for distribution on its winding up.