Part 3 Conditions to be Satisfied by Companies
Finance Act 2004 (2004 c 12) | Legislation

Part 3 Conditions to be Satisfied by Companies

General

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In the case of an application for a company to be registered for gross payment (whether as a partner in a firm or otherwise), the following conditions must be satisfied by the company.

The business test

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The company must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that—

(a)     it is carrying on (whether or not in partnership) a business in the United Kingdom, and

(b)     that business satisfies the conditions mentioned in paragraph 2(a) and (b).

The turnover test

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(1)     The company must either—

(a)     satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the carrying on of its business is likely to involve the receipt in the year following the making of the application of an aggregate amount by way of relevant payments which is not less than the amount which is the minimum turnover for the purposes of this sub-paragraph; or

(b)     satisfy the Inland Revenue that the only persons with shares in the company

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