Clause 44

in section 2(1), after the definition of “Hindu joint family”, insert —“ “holding company” has the meaning given by section 5 of the Companies Act 1967;”;

in section 2(1), after the definition of “SRS operator”, insert —“ “subsidiary” has the meaning given by section 5 of the Companies Act 1967;”;

in the following provisions, delete the definition of “holding company”:Section 13H(10)Section 13I(5);

in section 14L(8), delete “subsidiary company” (wherever it appears) and substitute “subsidiary”;

in section 14L(9), delete the definitions of “holding company” and “subsidiary company”;

in the following provisions, delete the definitions of “holding company” and “subsidiary”:Section 14M(13)Section 37O(25);

in section 15, delete subsection (3); and

in section 37O(16A)(d) and (17)(e), delete “within the meaning of section 5 of the Companies Act 1967”.

in section 2(1), after the definition of “professional visit pass”, insert —“ “related party”, in relation to a person (A), means any person —

who directly or indirectly controls A;

who is being controlled directly or indirectly by A; or

who, together with A, is directly or indirectly under the control of a common person;”;

in the following provisions, delete the definition of “related party”:Section 13(16)Section 14B(11)Section 14T(8)Section 14Z(12)Section 19B(11);

in section 13X(2), in the Example, delete “(as defined in section 14O(6))”;

in section 14B(11), in the definition of “master intellectual property licence”, delete the semi‑colon at the end and substitute a full‑stop;

in the following provisions, delete the definition of “related parties”:Section 14O(6)Section 37G(21);

in section 14O(6), in the definition of “qualifying training expenditure”, delete the semi‑colon at the end and substitute a full‑stop;

in section 14T(8), in the definition of “qualifying intellectual property rights”, delete the semi‑colon at the end and substitute a full‑stop;

in section 14U, delete subsection (6) and substitute —“(6) In this section, “qualifying intellectual property rights” has the meaning given by section 14T(8).”;

in section 19B(11), in the definition of “media and digital entertainment company”, delete the semi‑colon at the end and substitute a full‑stop;

in section 34D, delete subsection (3);

in section 34F, delete subsection (10) and substitute —“(10) In this section, “firm” includes a partnership.”;

in the following provisions, delete “(within the meaning of section 13(16))”:Section 35(14B)(a)Section 93A(1A);

in section 37G(21), in the definition of “quarter”, delete the semi‑colon at the end and substitute a full‑stop;

in section 37O(13), delete “unrelated to” and substitute “not a related party of any of”;

in section 37O, delete subsection (27) and substitute —“(27) For the purposes of subsection (16A), a company is connected with another if —

at least 75% of the total number of ordinary shares in one company are beneficially held, directly or indirectly, by the other; or

at least 75% of the total number of ordinary shares in each of the 2 companies are beneficially held, directly or indirectly, by a third company.”;

in section 43H(4), delete the definitions of “break cost”, “financial institution”, “prepayment fee”, “qualifying debt securities”, “redemption premium” and “related party” and substitute —“ “break cost”, “financial institution”, “prepayment fee”, “qualifying debt securities” and “redemption premium” have the meanings given by section 13(16);”; and

in section 74, delete subsection (6) and substitute —“(6) In this section, “avoidance of double taxation agreement” means an arrangement having effect under section 49.”.