Section 357YNB | Meaning of “related company” ^F1

(1)A company is a “related company” for the purposes of section 357YNA(2) if at any time in the relevant period (see subsection (5)) that company was a member of the same group as the transferor (see section 357YNA(1)).

(2)A company is a “related company” for the purposes of section 357YNA(4) if at any time in the relevant period (see subsection (6)) that company was a member of the same group as the transferor (see section 357YNA(3)).

(3)For the purposes of this section two companies are members of the same group if—

(a)one is a 51% subsidiary of the other, or

(b)both are 51% subsidiaries of a third company.

(4)In subsection (1) “the relevant period” means the period which—

(a)begins—

(i)if the transferor was not wound up before it was dissolved, at the beginning of the 12 months ending with the date on which the company is dissolved,

(ii)if the transferor was wound up before it was dissolved, at the beginning of the 12 months before the commencement of the winding up, and

(b)ends when the amount mentioned in section 357YNA(1) is paid or becomes payable (whichever is later).

(5)In subsection (2) the “relevant period” means the period which—

(a)begins at the beginning of the 12 months before the commencement of the winding up of the transferor, and

(b)ends when the amount mentioned in section 357YNA(3) is paid or becomes payable (whichever is later).