1. Investment company
1.1. [Meaning](https://library.croneri.co.uk/po-heading-id_NyogtxZ3F0KDm_QmVaxh4g)
1.1.1. Carries on a business...
1.1.2. consists wholly or mainly...
1.1.3. of making investments.
1.1.4. Not holding company of trading group
1.2. [Share loss relief](https://library.croneri.co.uk/po-heading-id_Jun-slNTD0isDMz46E9U7w)
1.2.1. Capital loss on trading subsidiary
1.2.2. Relief against income
1.2.2.1. CY...
1.2.2.2. then PY
1.2.3. Claim within 2 years
2. [Dividends](https://library.croneri.co.uk/po-heading-id_aJ7yZs9rI0Oxhgqkh13yMA)
2.1. Taxable under Pt 9A...
2.1.1. Priority rule
2.2. unless an exemption applies
2.2.1. Small company
2.2.1.1. Residence test
2.2.1.1.1. Payer UK or...
2.2.1.1.2. qualifying territory
2.2.1.2. Not interest
2.2.1.3. No deduction
2.2.1.4. Not tax avoidance
2.2.2. Non-small company
2.2.2.1. Falls in exempt class
2.2.2.2. Not interest
2.2.2.3. No deduction
2.2.2.4. Anti-avoidance rule does not apply
2.2.3. Size test
2.2.3.1. Staff < 50 and either...
2.2.3.2. T'over <E10m or...
2.2.3.3. BS <E10m
2.2.3.4. Aggregation
2.2.3.5. 2 year rules
3. [Meaning](https://library.croneri.co.uk/po-heading-id_78Dk90xTQUKHdBbFKklrFg)
3.1. Carries on a business....
3.2. consists wholly or partly....
3.3. of making investments.
4. Management expenses
4.1. [Meaning](https://library.croneri.co.uk/po-heading-id_5ClnzhZiH0KG0-2FewVjjA)
4.1.1. Management of inv. business
4.1.2. Not unallowable purpose
4.1.3. Not capital
4.1.4. Not otherwise deductible
4.1.5. Not tax avoidance
4.2. [Relief](https://library.croneri.co.uk/po-heading-id_sp8KsPEpqUWBULipaTWffQ)
4.2.1. Untaxed income?
4.2.2. Deduct to get TTP...
4.2.3. before LRNTD and donations
4.2.4. Group relief
4.2.5. Excess amount cfwd
4.3. [Restrictions](https://library.croneri.co.uk/po-heading-id_WT9RASMUWU-PjSk6BhVpuA)
4.3.1. Change in ownership?