Section 299 — Income Tax Act 2007: The property managing subsidiaries requirement

The property managing subsidiaries requirement 299 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.