Part 2 Amendment of Exempt Activities Exemption
Finance Act 2009 (2009 c 10) | Legislation

Part 2 Amendment of Exempt Activities Exemption

Abolition of special rules for holding companies other than local holding companies

10

(1)     Part 2 of Schedule 25 to ICTA (exempt activities) is amended as follows.

(2)     In paragraph 6 (definition of exempt activities)—

(a)     in sub-paragraph (1)(c), for “(2), (3), (4) or (4A)†substitute “(2) or (3)â€,

(b)     in sub-paragraph (3)(b), omit “or superior holding companiesâ€,

(c)     omit sub-paragraphs (4) to (4BB),

(d)     in sub-paragraph (5)—

(i)     for “sub-paragraphs (3) to (4B)†substitute “sub-paragraph (3)â€, and

(ii)     omit “or superior holding companyâ€,

(e)     in sub-paragraph (5ZA), omit “or superior holding companyâ€,

(f)     in sub-paragraph (5ZB), omit “or superior holding companyâ€,

(g)     in sub-paragraph (5A), for “sub-paragraphs (3) to (4B)†substitute “sub-paragraph (3)â€,

(h)     omit sub-paragraph (5B),

(i)     in sub-paragraph (5C), omit “or superior holding companyâ€, and

(j)     in sub-paragraph (6), for “sub-paragraphs (1) to (4BB) above†substitute “this paragraphâ€.

(3)     In paragraph 8(3) (paragraph 6(1)(b) condition), omit “or superior holding companyâ€.

(4)     In paragraph 12 (definition of “holding company†etc)—

(a)     in sub-paragraph (1), for “paragraph 12A below and in†substitute “inâ€,

(b)     in sub-paragraph (4), omit “or (4), as the case may be,â€, and

(c)     in sub-paragraph (5)—

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