Shadow ACT: definition of a group: additional tests for parent companies
SI1999/358, Reg. 6(2)(c)
The parent company is to be treated as not being the owner of any share capital, which it owns:
- directly in a company, if a profit on sale of the shares would be treated as a trading receipt,
- indirectly and which is owned directly by a body corporate for which a profit on sale of the shares would be treated as a trading receipt, or
- directly or indirectly in a body corporate not resident in the UK.