VCM45500 - VC loss relief: general: qualifying trading company: excluded companies

ICTA88/S576 (4) - (5)

An excluded company is:

• a company whose trade is not carried on a commercial basis and with a reasonable expectation of profit, or
• the holding company of a group, other than a trading group, see VCM45550, or
• a building society, within the meaning of the Building Societies Act 1986, or
• a registered industrial and provident society, as defined in ICTA88/S486, or
• for shares issued before 6 April 1998, a company whose trade consists wholly or mainly of dealing in shares, securities, land, trades and commodity futures, or
• for shares issued on or after 6 April 1998, a company whose trade consists wholly or mainly of dealing in land, in commodities or futures or in shares, securities or other financial instruments.