Part 5Enterprise investment scheme

Chapter 4The issuing company

The requirements

188The property managing subsidiaries requirement

1

Any property managing subsidiary that the issuing company has at any time in period B must be a qualifying 90% subsidiary of the company.

2

“Property managing subsidiary” means a subsidiary of the company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.

3

In subsection (2) references to property deriving its value from land include—

a

any shareholding in a company deriving its value directly or indirectly from land,

b

any partnership interest deriving its value directly or indirectly from land,

c

any interest in settled property deriving its value directly or indirectly from land, and

d

any option, consent or embargo affecting the disposition of land.