PART 1Call-in for national security
CHAPTER 2Interpretation
7Qualifying entities and assets
1
This section defines “qualifying entity” and “qualifying asset” for the purposes of this Act.
2
A “qualifying entity” is (subject to subsection (3)) any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.
3
An entity which is formed or recognised under the law of a country or territory outside the United Kingdom is a “qualifying entity” only if it—
a
carries on activities in the United Kingdom, or
b
supplies goods or services to persons in the United Kingdom.
4
A “qualifying asset” is (subject to subsection (6)) an asset of any of the following types—
a
land,
b
tangible (or, in Scotland, corporeal) moveable property,
c
ideas, information or techniques which have industrial, commercial or other economic value.
5
Examples of assets within subsection (4)(c) include—
a
trade secrets,
b
databases,
c
source code,
d
algorithms,
e
formulae,
f
designs,
g
plans, drawings and specifications,
h
software.
6
Land or moveable property situated outside the United Kingdom or the territorial sea, or any asset within subsection (4)(c), is a “qualifying asset” only if it is used in connection with—
a
activities carried on in the United Kingdom, or
b
the supply of goods or services to persons in the United Kingdom.