Commentary

D8.308 Qualifying investing companies—no control requirement

Corporate tax
Corporate tax | Commentary

D8.308 Qualifying investing companies—no control requirement

Corporate tax | Commentary

D8.308 Qualifying investing companies—no control requirement

A qualifying investing company must not control the issuing company at any time during the qualification period1.

Meaning of 'control'

Subject to two modifications, control here is determined according to the definition that applies under the close company provisions2. As a result, an investing company controls the issuing company if it exercises, or is able to exercise or is entitled to acquire, direct or indirect control over that company's affairs. In particular, the investing company has control of the issuing company if it possesses, or is entitled to acquire:

  1.  

    (a)     more than 50% of the

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