12(1)For the purposes of this Schedule “control”, in relation to a body corporate, means the power of a person to secure—U.K.
(a)by means of the holding of shares or the possession of voting power in or in relation to the body or any other body corporate, or
(b)by virtue of any powers conferred by the articles of association or other document regulating the body or any other body corporate,
that the affairs of the body are conducted in accordance with that person's wishes.
(2)Where two or more persons, taken together, have the power mentioned in sub-paragraph (1), they are taken for the purposes of this Schedule to control the body corporate.
(3)For the purposes of this Schedule “control” in relation to a partnership, means the right to a share of more than 50% of the assets, or of more than 50% of the income, of the partnership.
(4)In this Schedule—
“foreign” means resident outside the United Kingdom;
“partnership” includes an entity established under the law of a country or territory outside the United Kingdom of a similar character to a partnership, and “partner” is to be read accordingly;
“subsidiary”, in relation to a reporting body, means a body corporate that is controlled by—
the reporting body, or
where the reporting body is a party to an arrangement under paragraph 6, any party to the arrangement.
(5)[F1Section 150 of TIOPA 2010] (meaning of “transaction” and “series of transactions”) applies for the purposes of this Schedule.
Textual Amendments
F1Words in Sch. 17 para. 12(5) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 150 (with Sch. 9 paras. 1-9, 22)