(1) In this Part, a qualifying subsidiary is one that -
(a) satisfies the conditions set out in subsection (2) and, except where provided in subsection (3), they continue to be so satisfied until the end of the relevant period, and
(i) to which section 490(3)(a)(i) relates, or
(ii) which exists solely for the purpose of carrying on any trade which consists solely of any one or more of the following relevant trading activities -
(I) the purchase of goods or materials for use by the qualifying company or its subsidiaries,
(II) the sale of goods or materials produced by the qualifying company or its subsidiaries, or
(III) the rendering of services to or on behalf of the qualifying company or its subsidiaries.
(2) The conditions referred to in subsection (1)(a) are -
(a) that the subsidiary is a 51 per cent subsidiary of the qualifying company,
(b) that no other person has control of the subsidiary, and
(c) that no arrangements are in existence by virtue of which t
…