{#IDARVZXG}ICTA88/S842(1)(a), (1AB), (1AC) and (3A)

Wholly or mainly

In order to meet the condition at section 842(1)(a), the company's income must be derived ‘wholly or mainly’ from shares or securities. This test should normally be regarded as being met where at least 70 per cent of the company's income is derived from shares and securities, but for a newly formed company's first accounting period the test may be regarded as being met where at least 50 per cent of the company's income is derived from shares or securities.

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