SCHEDULES
SCHEDULE 5Enterprise management incentives
Part 3Qualifying companies
F2The property managing subsidiaries requirement
Annotations:
Amendments (Textual)
11A
1
A company is not a qualifying company if it has a property managing subsidiary which is not a qualifying 90% subsidiary of the company (see paragraph 11B).
2
“Property managing subsidiary” means a qualifying subsidiary of a company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.
F13
In sub-paragraph (2) “property deriving its value from land” has the meaning given by section 188(3) of ITA 2007.
Sch. 5 paras. 11A, 11B and cross-headings inserted (with effect in accordance with s. 96(6) of the amending Act) by Finance Act 2004 (c. 12), s. 96(5)