Related Commentary  Related HMRC Manuals

393(1)  A company (“B”) is a principal company of A if–

(a)A is a qualifying 75% subsidiary of B, and

(b)B is not a qualifying 75% subsidiary of another company.

393(2)  There is a relevant change in the relationship between A and B (as a principal company) on any day if A ceases to be a qualifying 75% subsidiary of B on that day.

393(3)  A company (“C”) is a principal company of A if–

(a)A is a qualifying 75% subsidiary of B,

(b)B is a qualifying 75% subsidiary of C, and

(c)C is not a qualifying 75% subsidiary of another company.

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