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Finance Act 2004

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This is the original version (as it was originally enacted).

Definition of a group

14(1)For the purposes of section 13AB and this Schedule a company and all its 51% subsidiaries form a group, and if any of those subsidiaries have 51% subsidiaries the group includes them and their 51% subsidiaries, and so on.

(2)The question whether a company is a 51% subsidiary shall be determined in accordance with section 838, subject to the following provisions.

(3)A company (“company A”) shall be treated for the purposes of this Schedule as if it were a 51% subsidiary of another company (“company B”) if company B has rights to, or in fact receives, more than 50% of the distributions made by company A.

(4)For the purposes of this paragraph a company shall be treated as not being the owner—

(a)of any share capital that it owns directly if a profit on the sale of the shares would be treated as a trading receipt of its trade, or

(b)of any share capital that it owns indirectly and that is owned directly by a body corporate for which a profit on the sale of the shares would be treated as a trading receipt of its trade.

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