Section 138(2)

For the purpose of ascertaining whether the holding company or a subsidiary is so interested, there shall be disregarded— any interest held only by way of security for the purposes of a transaction entered into by the holding company or subsidiary in the ordinary course of a business that includes the lending of money; any interest within— section 139 (interests to be disregarded: residual interest under pension scheme or employees' share scheme), or section 140 (interests to be disregarded: employer's rights of recovery under pension scheme or employees' share scheme); any rights that the company or subsidiary has in its capacity as trustee, including in particular— any right to recover its expenses or be remunerated out of the trust property, and any right to be indemnified out of the trust property for any liability incurred by reason of any act or omission in the performance of its duties as trustee.

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