[257MV Meaning of “90% social subsidiary” of a social enterprise]
Income Tax Act 2007 (2007 c 3) | Legislation

[257MV  Meaning of “90% social subsidiary” of a social enterprise]

[(1)     For the purposes of this Chapter, a company (“the subsidiary”) is a 90% social subsidiary of another company (“the parent”) if—

(a)     the subsidiary is a social enterprise,

(b)     the parent possesses at least 90% of the issued share capital of, and at least 90% of the voting power in, the subsidiary,

(c)     the parent would—

(i)     in the event of a winding-up of the subsidiary, or

(ii)     in any other circumstances,

be beneficially entitled to receive at least 90% of the assets of the subsidiary which would then be available for distribution to equity holders of the subsidiary,

(d)     the parent is beneficially entitled to receive at least 90% of any profits of the subsidiary which are available for distribution to equity holders of the subsidiary,

(e)     no person other than the parent has control of the subsidiary, and

(f)     no arrangements

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