Corporation Tax Act 2010 (c. 4)

Part 23 Company distributions

Chapter 2 Matters which are distributions

Exceptions to section 1008

1010 Meaning of “qualifying index” in section 1009

(1) In section 1009 “qualifying index” means an index which meets the conditions in subsections (2) and (3).

(2) The underlying subject matter of the index must include both—

(a) shares that meet the description in section 1009(1)(b), and

(b) shares that do not meet that description.

(3) Shares that do not meet the description in section 1009(1)(b) must represent a significant proportion of the market value of the underlying subject matter of the index.