Schedule ZA1, paragraph 15

A company is excluded from being eligible if, on the filing date, it is a project company of a project which— is a public-private partnership project (see paragraph 16), and includes step-in rights (see paragraph 17). For the purposes of this paragraph a company is a “project company” of a project if any of the following applies— it holds property for the purpose of the project; it has sole or principal responsibility under an agreement for carrying out all or part of the project; it is one of a number of companies which together carry out the project; it has the purpose of supplying finance to enable the project to be carried out; it is the holding company of a company within any of paragraphs (a) to (d). But a company is not a “project company” of a project if— it performs a function within sub-paragraph (2)(a) to (d) or is within sub-paragraph (2)(e), but it also performs a function which is not— within sub-paragraph (2)(a) to (d), related to a function within sub-paragraph (2)(a) to (d), or related to the project. For the purposes of this paragraph a company carries out all or part of a project whether or not it acts wholly or partly through agents.

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Source: legislation.gov.uk · retrieved 2026-09-04