Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 11 S Reconstruction relief and acquisition relief

PART 5 S Interpretation

When is a company a subsidiary of another company? S

37 S A company (A) is the 75% subsidiary of another company (B) if B—

(a) is beneficial owner of not less than 75% of the ordinary share capital of A,

(b) is beneficially entitled to not less than 75% of any profits available for distribution to equity holders of A, and

(c) would be beneficially entitled to not less than 75% of any assets of A available for distribution to its equity holders on a winding-up.

Commencement Information

I1 Sch. 11 para. 37 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2