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Legislation
Corporation Tax Act 2010

Crossheading Circumstances in which corporation tax advantages obtained or obtainable

  • Section 735 Abnormal dividends used for exemptions or reliefs (circumstance A)
  • Section 736 Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
  • Section 737 Receipt of consideration in connection with relevant company distribution (circumstance D)
  • Section 738 Receipt of assets of relevant company (circumstance E)
  • Section 739 Meaning of “relevant company” in sections 737 and 738
  • Section 740 Abnormal dividends: general
  • Section 741 Abnormal dividends: the excessive return condition
  • Section 742 Abnormal dividends: the excessive accrual condition
  1. Circumstances in which corporation tax advantages obtained or obtainable
  2. Meaning of “relevant company” in sections 737 and 738

Section 739 | Meaning of “relevant company” in sections 737 and 738

From legislation.gov.uk

(1)A company is a relevant company for the purposes of sections 737 and 738 if it is—

(a)a company under the control of not more than 5 persons (but see subsection (2)), or

(b)any other company none of whose shares or stocks is—

(i)included in the official UK list, and

(ii)dealt in on a recognised stock exchange in the United Kingdom regularly or from time to time.

(2)A company is not a relevant company for those purposes if it is under the control of one or more companies which are not relevant companies for those purposes.

(3)The reference in subsection (1)(b) to shares or stocks does not include debenture stock, preferred shares or preferred stock.

(4)Section 450 (meaning of “control” for the purposes of Part 10 (close companies)) applies for the purposes of this section.

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