Part 6Venture capital trusts
Chapter 4Qualifying holdings
The requirements
296The control and independence requirement
1
The control element of the requirement is that—
a
the relevant company must not control (whether on its own or together with any person connected with it) any company which is not a qualifying subsidiary of the relevant company, and
b
no arrangements must be in existence by virtue of which the relevant company could fail to meet paragraph (a).
2
The independence element of the requirement is that—
a
the relevant company must not be under the control of another company (or of another company and any other person connected with that other company), and
b
no arrangements must be in existence by virtue of which the relevant company could fail to meet paragraph (a).
3
This section is subject to section 327(7) (exchange of shares).