Section 179: Cases in which surrendering or claimant company is non-UK resident
716.This section introduces special rules about equity holders in non-UK resident companies. It is based on paragraph 5F of Schedule 18 to ICTA.
717.Subsection (1) sets the scope of the section.
718.Subsection (2) applies the special rules in section 180 if the equity holder’s rights are used to establish whether or not a non-UK resident company is owned by a consortium.
719.Subsection (3) applies the special rules in section 180 if the equity holder’s rights are used to establish whether or not a non-UK resident company is a subsidiary of another company.
720.Subsection (4) applies the special rules if (“Case 1”) the equity holder’s rights are referable to the profits or assets of the non-resident company’s “UK trade”. It also operates in this way if (“Case 2”) the equity holder has rights under an option arrangement which are referable to the profits or assets of the non-resident company’s UK trade. The extent to which profits or assets are referable to the company’s UK trade is determined in accordance with section 182.
