574 Meaning of “control”U.K.
(1) In this Act “ control ” is used in the sense given in this section [F1(but, for the purposes of section 575, this definition applies only where expressly indicated)].
(2) In relation to a body corporate (“ company A ”), “ control ” means the power of a person (“ P ”) to secure—
(a)by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or
(b)as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,
that the affairs of company A are conducted in accordance with P’s wishes.
(3) In relation to a partnership, “ control ” means the right to a share of more than half of the assets, or of more than one half of the income, of the partnership.
Textual Amendments
F1Words in s. 574(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 410 (with Sch. 2)