A ‘qualifying business activity’ is:

(1)either:

(a)the carrying on of an existing qualifying trade at the date the relevant shares are issued, by either the issuing company or any qualifying 90% subsidiary; or

(b)preparing to carry on a qualifying trade which is intended to be carried on by the issuing company or its qualifying 90% subsidiary and that intention is fulfilled within two years of the issue of the relevant shares.

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