Finance Act 2018

The 70% qualifying holdings condition

3 In consequence of the amendment made by paragraph 2, in each of the following provisions of ITA 2007, for “70%”, where it appears before “qualifying”, substitute “80%”—

(a) in section 274, subsection (3)(c), (d) and (e);

(b) in section 275 (alternative requirements for the giving of approval), subsection (3)(b);

(c) in section 278 (conditions relating to value of investments: general), subsection (1);

(d) in section 280 (conditions relating to qualifying holdings and eligible shares), subsection (2);

(e) in section 280A (the 70% qualifying holdings condition: disposal of holding), in the heading and in subsection (2);

(f) in Schedule 4 (index of defined expressions), the entry for the qualifying holdings condition.