Section 448(3)

The exemption conferred by this section does not apply if— The references in paragraph (b) to a limited company, another unlimited company , a Scottish partnership which is not a limited partnership or a Scottish partnership which is a limited partnership include a comparable undertaking incorporated in or formed under the law of a country or territory outside the United Kingdom. the company is a banking or insurance company or the parent company of a banking or insurance group, or each of the members of the company is— a limited company, another unlimited company each of whose members is a limited company, . . . a Scottish partnership which is not a limited partnership, each of whose members is a limited company , or a Scottish partnership which is a limited partnership, each of whose general partners is a limited company.

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