[F124(1)For the purposes of this Schedule a company is a “joint venture company” if, and only if—U.K.
(a)it is a trading company or the holding company of a trading group or trading subgroup, and
(b)there are five or fewer persons who between them hold 75% or more of its ordinary share capital.
In determining whether there are five or fewer such persons as are mentioned in paragraph (b), the members of a group are treated as if they were a single company.
(2)For the purposes of this Schedule—
(a)a company that is not a member of a group has a “qualifying shareholding” in a joint venture company if, and only if, it holds shares or an interest in shares in the joint venture company by virtue of which it holds 10% or more of that company’s ordinary share capital;
(b)a company that is a member of a group has a “qualifying shareholding” in a joint venture company if, and only if—
(i)it holds ordinary share capital of the joint venture company, and
(ii)the members of the group between them hold 10% or more of the ordinary share capital of that company.]
Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1