Statute
Section 257MG — Income Tax Act 2007: The property-managing subsidiaries requirement
Text of the provision Official document
The property-managing subsidiaries requirement 257MG 1 Any property-managing subsidiary that the social enterprise has at any time in the shorter applicable period must be a 90% social subsidiary of the social enterprise.
2 In subsection (1) “ property-managing subsidiary ” means a subsidiary of the social enterprise whose business consists wholly or mainly in the holding or managing of land or any property deriving its value (directly or indirectly) from land.
Official source: legislation.gov.uk
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