Finance Act 1994

154 Qualifying companies

(1) Subject to subsections (2) and (3) below, any company is a qualifying company for the purposes of this Chapter.

(2) Where a unit trust scheme is an authorised unit trust as respects an accounting period the trustees (who are deemed to be a company for certain purposes by section 468(1) of the Taxes Act 1988) are not, as regards that period, a qualifying company for the purposes of this Chapter.

(3) A company which is approved for the purposes of section 842 of the Taxes Act 1988 (investment trusts) for an accounting period is not, as regards that period, a qualifying company for the purposes of this Chapter so far as it relates to currency contracts and options.

(4) In this section—

• “authorised unit trust” has the same meaning as in section 468 of the Taxes Act 1988;

• “unit trust scheme” has the same meaning as in section 469 of that Act.