339Meaning of “ultimate parent”U.K.
(1)For the purposes of this Part, “ultimate parent”, in relation to a group, means an entity that—
(a)is a member of the group,
[F1(b)is either—
(i)a corporate entity that is not a limited liability partnership in relation to which section 1273(1) of CTA 2009 (limited liability partnerships) applies, or
(ii)a relevant non-corporate entity,
(c)is not a collective investment scheme or an entity that would be a collective investment scheme but for the fact that it is a body corporate, and
(d)is not a subsidiary (whether direct or indirect) of an entity that meets each of the conditions in paragraphs (a) to (c).]
(2)In this section “collective investment scheme” has the meaning given by section 235 of FISMA 2000.
Textual Amendments
F1S. 339(1)(b)-(d) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 30, 36(1)