Part 5Group relief
Chapter 6Equity holders and profits or assets available for distribution
Company's entitlement to profits or assets available for distribution: supplementary
169Application and interpretation of sections 170 to 182
(1)
Sections 170 to 182 apply for the purpose of determining the proportion of profits or assets to which company A would be beneficially entitled as mentioned in section 165(2) or 166(2) at any time.
(2)
In those sections—
F1“arrangements”—
(a)
means arrangements of any kind (whether or not in writing), but
(b)
does not include a condition or requirement imposed by, or agreed with, a Minister of the Crown, the Scottish Ministers, a Northern Ireland department or a statutory body,
“company A's proportion” means the proportion of profits or assets to which company A would be beneficially entitled as mentioned in section 165(2) or 166(2) at the relevant time,
“distribution rights” means rights in relation to dividends or interest or assets on a winding up,
“the participating equity holders”, in relation to the determining of company A's proportion, means the equity holders of company B—
(a)
to whom the profit distribution would be made, or
(b)
who would be entitled to participate in the notional winding up, and
“the relevant time” means the time mentioned in subsection (1) when the beneficial entitlement of company A is to be determined.
F2(3)
In subsection (2) “statutory body” means a body (other than a company as defined by section 1(1) of the Companies Act 2006) established by or under a statutory provision for the purpose of carrying out functions conferred on it by or under a statutory provision, except that the Treasury may, by order, specify that a body is or is not to be a statutory body for this purpose.