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Finance Act 2002
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Principal company cannot be 75% subsidiary of another company
49(1)A company cannot be the principal company of a group if it is itself a 75% subsidiary of another company.
(2)Notwithstanding sub-paragraph (1), where—
(a)a company (“the subsidiary”) is a 75% subsidiary of another company, and
(b)those companies are prevented from being members of the same group by paragraph 48 (the effective 51% subsidiary requirement),
the subsidiary may, if the requirements of paragraphs 47 and 48 are met, itself be the principal company of another group, unless this enables a further company to be the principal company of a group of which the subsidiary would be a member.
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