CTM60105 | Close companies: tests: specific exceptions
From HM Revenue & Customs · Company Taxation Manual
& (2), , (2) & (3) & & (6) (formerly ICTA88/S414 (1), (5), & ICTA88/S415 (1))
The following cannot be close companies:
A company not resident in the UK. (Thus none of the provisions regarding close companies applies to a non-resident company trading in the UK through a branch or agency in the UK - see .)
A society registered under the Industrial and Provident Societies Acts.
A building society.
A company controlled by or on behalf of the Crown and not otherwise a close company (see ).
Certain companies controlled by other companies which are not themselves close companies (see ).
Certain ‘quoted’ companies in which the ‘public’ holds 35% or more of the voting power (see ).
If a company is within (1) to (3) above, none of the following guidance is relevant because such a company cannot be a close company whoever controls it or is entitled to its income. The application of (4) to (6), however, involves the concept of control, and is considered in more detail in onwards.