Meaning of “effective 51% subsidiary"U.K.
52For the purposes of this Schedule a company (“the subsidiary”) is an effective 51% subsidiary of another company (“the parent”) if, and only if, the parent—
(a)is beneficially entitled to more than 50% of any profits available for distribution to equity holders of the subsidiary, and
(b)would be beneficially entitled to more than 50% of any assets of the subsidiary available for distribution to its equity holders on a winding up.