Capital Acquisitions Tax Consolidation Act 2003 section 99

Value of certain shares and securities

Section 99 provides rules for valuing shares in a holding company by excluding non-qualifying subsidiaries and quoted group companies from the calculation of business property relief.

• When valuing shares in a holding company for business relief purposes, the value of any non-qualifying subsidiary (e.g. a land-dealing or currency-dealing company) is stripped out by treating that subsidiary as if it were not a member of the group.
• This exclusion does not apply where the non-qualifying subsidiary's business consists wholly or mainly of holding land or buildings that are occupied wholly or mainly by qualifying members of the group.
• Where shares in a group member are quoted on a stock exchange on the valuation date, the assets of that quoted company are similarly excluded unless those shares were unquoted at some time on or after 23 May 1994 when they were beneficially owned by the disponer or by another group member.
• For these purposes, "shares" includes securities, and shares in a company include other shares in the same company that are represented by those shares.

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