Part 15

Transactions in securities

Circumstances in which corporation tax advantages obtained or obtainable

Meaning of “relevant company” in sections 737 and 738
739
1
A company is a relevant company for the purposes of sections 737 and 738 if it is—
a
a company under the control of not more than 5 persons (but see subsection (2)), or
b
any other company none of whose shares or stocks is—
i
included in the official UK list, and
ii
dealt in on a recognised stock exchange in the United Kingdom regularly or from time to time.
2
A company is not a relevant company for those purposes if it is under the control of one or more companies which are not relevant companies for those purposes.
3
The reference in subsection (1)(b) to shares or stocks does not include debenture stock, preferred shares or preferred stock.
4
Section 450 (meaning of “control” for the purposes of Part 10 (close companies)) applies for the purposes of this section.