Section 299 | The property managing subsidiaries requirement

(1)Any property managing subsidiary that the relevant company has must be a qualifying 90% subsidiary of the company.

(2)“Property managing subsidiary” means a subsidiary of the relevant company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land.

(3)In subsection (2) references to property deriving its value from land include—

(a)any shareholding in a company deriving its value directly or indirectly from land,

(b)any partnership interest deriving its value directly or indirectly from land,

(c)any interest in settled property deriving its value directly or indirectly from land, and

(d)any option, consent or embargo affecting the disposition of land.