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(5) A company shall for the purposes of subsection (1) be deemed to be a wholly-owned subsidiary of another company if and so long as all of its ordinary share capital is owned by that other company, whether directly or through another company or other companies, or partly directly and partly through another company or other companies, and paragraph 6 of Schedule 9 shall apply for the purposes of supplementing this subsection as if the reference in that paragraph to that Schedule were a reference to this subsection.

(1) For the purposes of section 693, where exploration expenditure (not being expenditure which has been or is to be met directly or indirectly by any other person) is incurred by a company (in this section referred to as an “exploration company”) and—

(c) in the application of section 693 to a petroleum trade carried on by the other company, the expenditure shall be deemed—