Section 275 — Income Tax Act 2007: Alternative requirements for the giving of approval

Alternative requirements for the giving of approval 275 1 This section applies if one or more of the conditions mentioned in section 274(2) are not met with respect to a company in relation to its most recent complete accounting period.

2 The Commissioners for Her Majesty's Revenue and Customs may still approve the company for the purposes of this Part if they are satisfied that the condition or conditions in question—

a will be met in relation to the period mentioned in subsection (3),

and b will continue to be met in relation to accounting periods following that period.

3 The period is—

a in relation to the listing condition, the nature of income condition, the income retention condition and the 15% holding limit condition, the accounting period of the company which is current when the application for approval is made, or its next accounting period, b in relation to the 80% qualifying holdings condition and the 70% eligible shares condition, an accounting period of the company beginning no more than 3 years after the time when the approval is given or, if earlier, when the approval takes effect.