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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Section 3 is up to date with all changes known to be in force on or before 23 August 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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3(1)The following provisions apply for the purposes of group relief.E+W

(2)"Company”” means a body corporate.

(3)Companies are members of the same group if one is the 75% subsidiary of the other or both are 75% subsidiaries of a third company.

(4)A company (““company A””) is the 75% subsidiary of another company (““company B””) if company B—

(a)is beneficial owner of not less than 75% of the ordinary share capital of company A,

(b)is beneficially entitled to not less than 75% of any profits available for distribution to equity holders of company A, and

(c)would be beneficially entitled to not less than 75% of any assets of company A available for distribution to its equity holders on a winding-up.

(5)For the purposes of sub-paragraph (4)(a)—

(a)the ownership referred to is ownership either directly or through another company or companies, and

(b)the amount of ordinary share capital of company A owned by company B through another company or companies is to be determined in accordance with sections 1155 to 1157 of the Corporation Tax Act 2010 (c. 4).

(6)In sub-paragraphs (4)(a) and (5)(b), “"ordinary share capital””, in relation to a company, means all the issued share capital (by whatever name called) of the company, other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company.

(7)Chapter 6 of Part 5 of the Corporation Tax Act 2010 (c. 4) (group relief: equity holders and profits or assets available for distribution) applies for the purposes of sub-paragraph (4)(b) and (c) as it applies for the purposes of section 151(4)(a) and (b) of that Act.

(8)But sections 171(1)(b) and (3), 173, 174 and 176 to 178 of that Act are to be treated as omitted for the purposes of sub-paragraph (4)(b) and (c).

Commencement Information

I1Sch. 16 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3

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