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Finance Act 2004

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This is the original version (as it was originally enacted).

12In paragraph 10 (meaning of “qualifying subsidiary”)—

(a)omit sub-paragraph (3)(a) to (c),

(b)before sub-paragraph (3)(d) insert—

(ca)the subsidiary is a 51 per cent. subsidiary of the relevant company;,

(c)in sub-paragraph (3)(e), for “the relevant company could cease to fall within this sub-paragraph” substitute “either of the conditions in paragraphs (ca) and (d) above would cease to be met”,

(d)in sub-paragraph (4)—

(i)after “time when it” insert “or any other company”,

(ii)omit “it is shown”,

(iii)omit the first “that” in paragraph (a),

(iv)omit “that” in paragraph (b),

(v)for “and not” substitute “and is not”,

(e)after sub-paragraph (4) insert—

(4A)Sub-paragraph (4B) below applies at a time when the subsidiary or any other company is in administration or receivership.

(4B)The subsidiary shall not be regarded, by reason only of anything done as a consequence of the company concerned being in administration or receivership, as having ceased to be a company falling within sub-paragraph (3) above if—

(a)the entry into administration or receivership, and

(b)everything done as a consequence of the company concerned being in administration or receivership,

is for bona fide commercial reasons and is not part of a scheme or arrangement the main purpose of which or one of the main purposes of which is the avoidance of tax.

(4C)Sub-paragraph (2) of paragraph 11A below applies for the purposes of sub-paragraphs (4A) and (4B) above as it applies for the purpose of that paragraph.,

(f)in sub-paragraph (5)—

(i)omit the words “it is shown that”,

(ii)for “and not” substitute “and is not to be”,

(g)omit sub-paragraph (6).

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