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Finance Act 1997

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This is the original version (as it was originally enacted).

Requirements to be satisfied by the company for whose business activity money is raised

2(1)In subsection (1) of section 289 (conditions for eligibility for relief), immediately before the word “and” at the end of paragraph (b) there shall be inserted the following paragraph—

(ba)the requirements of subsection (1A) below are satisfied in relation to the company,.

(2)After that subsection there shall be inserted the following subsections—

(1A)The requirements of this subsection are satisfied in relation to a qualifying company if throughout the relevant period the active company—

(a)is such a company as is mentioned in section 293(2)(a), or

(b)would be such a company if its purposes were disregarded to the extent that they consist in the carrying on of activities such as are mentioned in section 293(3D)(a) and (b) and (3E)(a), or

(c)is a subsidiary of the qualifying company and falls within subsection (1B) below.

(1B)A subsidiary of the qualifying company falls within this subsection if—

(a)apart from purposes capable of having no significant effect (other than in relation to incidental matters) on the extent of its activities, it exists wholly for the purpose of carrying on activities such as are mentioned in section 293(3D)(b); or

(b)it has no profits for the purposes of corporation tax and no part of its business consists in the making of investments.

(1C)In subsection (1A) above “the active company” means the qualifying company or, where the qualifying business activity mentioned in subsection (1) above consists in a subsidiary of that company carrying on or preparing to carry on a qualifying trade, research and development or oil exploration, that subsidiary.

(1D)Subsection (6) of section 293 shall apply in relation to the requirements of subsection (1A) above as it applies in relation to subsection (2) of that section.

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