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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
Textual Amendments
F2Words in Sch. 7AC Pt. 3 heading omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(c)
24(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.]