Corporation Tax Act 2009 section 1023

Supplementary provision for purposes of section 1022

Section 1023 provides the key definitions needed to apply the takeover provisions in section 1022, including what counts as a qualifying option, a takeover, and which companies are qualifying companies in a takeover scenario.

• An option is a qualifying option if the shares that would be acquired under it satisfy condition 3 in section 1016 (relating to the nature of shares acquired)
• A takeover occurs when one company (the acquiring company) obtains control of another company
• Qualifying companies include the acquiring company, its parent, members of a consortium owning the acquiring company or its parent, and certain other connected companies
• A further category of qualifying company covers companies linked through consortium arrangements and membership of the same commercial association of companies