SCHEDULES:

SCHEDULE 4Business Expansion Scheme: Private Rented Housing

Part IModifications Made by Section 50

Subsidiaries

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In subsection (1) of section 308 (application to subsidiaries), for paragraph (b) there shall be substituted—

b

the subsidiary or, as the case may be, each subsidiary is a dormant subsidiary or exists wholly, or substantially wholly, for the purpose of carrying on activities which do not include, to any substantial extent, activities which are not qualifying activities;