Finance Act 2012

27 (1) Section 531 (conditions as to balance of business) is amended as follows. U.K.

(2) For subsection (5) substitute—

“(5) Condition B is that at the beginning of the accounting period the sum of—

(a) the value of the assets relating to property rental business, and

(b) the value of the assets relating to residual business so far as consisting of cash,

is at least 75% of the total value of assets held by the group or company (as the case may be).”

(3) In subsection (6)(b) after “business” insert “ (and the amount of the group's cash is to be determined accordingly) ”.

(4) After subsection (7) insert—

“(8) In this section “cash” means—

(a) money held on deposit (whether or not in sterling),

(b) stocks or bonds of any description included in Part 1 of Schedule 11 to FA 1942 (gilts), or

(c) money held in any other way, or any investment of any other form, specified in regulations made by the Commissioners for Her Majesty's Revenue and Customs.”