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Income Tax (Earnings and Pensions) Act 2003

Paragraph 13: The trading activities requirement: single company

3485.This paragraph specifies that a single company can only qualify under EMI if it is carrying on (or preparing to carry on) a qualifying trade, and that must be the only purpose for the company’s existence, aside from any incidental purpose. The paragraph also makes it clear that the holding and managing of property for the purposes of a qualifying trade may be disregarded. Sub-paragraph (3) includes signposts to the definition of “qualifying trade” in paragraph 15 of this Schedule and to the provisions regarding excluded activities in paragraphs 16 to 23 of this Schedule.

3486.The paragraph derives from paragraph 17(1), (4) and (7) of Schedule 14 to FA 2000.

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