SCHEDULES
SCHEDULE 19Large businesses: tax strategies and sanctions
PART 1Interpretation
5“Qualifying company”
1
A UK company is a “qualifying company” in any financial year (subject to any regulations under sub-paragraph (5)) if sub-paragraph (2) or (3) applies to it.
2
This sub-paragraph applies to the company if, at the end of the previous financial year—
a
it satisfied the qualification test for a UK company, and
b
was not a member of a UK group or a UK sub-group.
3
This sub-paragraph applies to the company if, at the end of the previous financial year—
a
it was a member of a foreign group,
b
the group met the qualification test for a group, and
c
it was not a member of a UK sub-group of that foreign group.
4
The qualification test for a UK company is that the company satisfied either or both of the following conditions (by reference to the previous financial year)—
1. The company’s turnover | More than £200 million |
2. The company’s balance sheet total | More than £2 billion. |
5
The Treasury may by regulations provide that a company of a description specified in the regulations is not a qualifying company for the purposes of this Schedule (or any such purpose specified in the regulations).
6
For the purposes of this paragraph a UK permanent establishment of a foreign relevant body is to be treated as if it were—
a
a UK company, and
b
if the foreign relevant body is a member of a UK group or a UK sub-group, a member of that group or sub-group.