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Finance Act 2000
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- 2000 c. 17
- SCHEDULE 31
- Other holding companies
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- Act applied (with modifications) by S.I. 2011/245 Sch. 6 Pt. 1
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/708 art. 2 commences (2001 c. 16)
- S.I. 2003/962 art. 2 commences (2002 c. 21)
- S.I. 2003/1725 art. 2 commences (2002 c. 9)
- S.I. 2003/1900 art. 2 commences (2003 c. 21)
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3142 art. 2-4 commences (2002 c. 11 and 2003 c. 21)
- S.I. 2004/2066 art. 2 commences (2003 c. 39)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/950 art. 2-4 commences (2003 c. 44)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1713 art. 2 commences (2003 c. 14)
- S.I. 2005/2122 art. 2 amendment to earlier commencing SI 2005/950 Sch. 2 para. 23
- S.I. 2007/2901 art. 2 commences (2006 c. 25)
- S.I. 2007/2902 art. 2 commences (2007 c. 11)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2010/815 art. 2 commences (2009 c. 10)
- S.I. 2010/867 art. 2 commences (2009 c. 10)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
- S.R. 2006/63 art. 2 commences (S.I. 2004/1501 (N.I.))
- S.R. 2007/37 art. 2 commences (S.I. 2006/3337 (N.I.))
Other holding companiesE+W+S+N.I.
7(1)In Part II of Schedule 25 (exempt activities) amend paragraph 6 as follows.E+W+S+N.I.
(2)In sub-paragraph (4) (holding companies other than local holding companies) after “90 per cent of its gross income during the accounting period in question" insert “ falls within sub-paragraph (4ZA) below and ”.
(3)After sub-paragraph (4) insert—
“(4ZA)For the purposes of sub-paragraph (4) above, income of the holding company falls within this sub-paragraph if—
(a)the company from which the holding company directly derives the income is, throughout the accounting period in question, resident in the territory in which the holding company is resident and the income is received by the holding company in that territory; or
(b)the income consists of qualifying dividends.”
(4)In sub-paragraph (4A) (superior holding companies) at the end of paragraph (b) add “; and
(c)falls within sub-paragraph (4AA) below.”
(5)After sub-paragraph (4A) insert—
“(4AA)For the purposes of sub-paragraph (4A) above, income of the superior holding company falls within this sub-paragraph if—
(a)the company from which the superior holding company directly derives the income is, throughout the accounting period in question, resident in the territory in which the superior holding company is resident and the income is received by the superior holding company in that territory; or
(b)the income consists of qualifying dividends.”
(6)In sub-paragraph (4B) (companies from which income of superior holding company is derived) in paragraph (b), at the end of sub-paragraph (ii) add “, and
(iii)falls within sub-paragraph (4BB) below”.
(7)After sub-paragraph (4B) insert—
“(4BB)For the purposes of sub-paragraph (4B)(b) above, income of the superior holding company there mentioned falls within this sub-paragraph if—
(a)the company from which that superior holding company directly derives the income is, throughout the accounting period in question, resident in the territory in which that superior holding company is resident and the income is received by that superior holding company in that territory; or
(b)the income consists of qualifying dividends.”
(8)In sub-paragraph (5) (interpretation of sub-paragraphs (3) to (4B)) after “a reference to a trading company" insert “to which sub-paragraph (5ZA) or (5ZB) below applies.
(5ZA)This sub-paragraph applies to a trading company”.
(9)After sub-paragraph (5ZA) insert—
“(5ZB)This sub-paragraph applies to a trading company if—
(a)it is a controlled foreign company by virtue of subsection (1A) of section 747; and
(b)the person who satisfies the requirement in paragraph (b) of that subsection in relation to the company also controls the holding company or superior holding company.”
(10)After sub-paragraph (5A) insert—
“(5B)In this paragraph “qualifying dividend” means any dividend other than one for which the company paying the dividend is entitled to a deduction against its profits for tax purposes under the law of the territory in which it is resident.”
(11)In sub-paragraph (6) (application of following provisions of Part II of Schedule 25) for “ (4) ” substitute “(4BB)".
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