D1.1065 Definitions

Corporate tax
Corporate tax | Commentary

D1.1065 Definitions

Corporate tax | Commentary

Substantial shareholding exemption—Definitions and interpretation

D1.1065 Definitions

The substantial shareholding exemption (SSE) legislation sets out certain definitions used therein and also, helpfully, provides an index of defined expressions1, showing where the definition is given elsewhere in the legislation. The key definitions are set out in the list below:


    •     12-month period — this is a period ending with the day before the first anniversary of the day the period began2


    •     51% subsidiary — this is defined by CTA 2010, s 1154(2) (see D2.106). However, for the purposes of TCGA 1992, Sch 7AC, any share capital of a registered society (within the meaning of CTA 2010, s 1119) is treated as ordinary share capital3


    •     Assets related to shares — this is defined by TCGA 1992, Sch 7AC, Pt 4, para 30, see D1.1041


    •     Company — this is defined by TCGA 1992, s 170(9)4, see D2.305


    •     Connected — this is defined by TCGA 1992, s 286 (see D2.207A) for the purposes of SSE generally (namely, for the second subsidiary exemption, D1.1042) but the meaning of connected persons in CTA 2010, s 1122 applies for the purposes of the target company requirement 5 (see

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