- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2012.
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Meaning of substantial interest in a company.
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Textual Amendments
F1Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1
(1)An individual has a substantial interest in a company if the individual directly or indirectly possesses or is entitled to acquire more than 30% of—
(a)the ordinary share capital of the company or any subsidiary of the company,
(b)the issued share capital of the company or any such subsidiary, or
(c)the voting power in the company or any such subsidiary.
(2)An individual has a substantial interest in a company if the individual directly or indirectly possesses or is entitled to acquire such rights as would—
(a)in the event of the winding up of the company or any subsidiary of the company, or
(b)in any other circumstances,
entitle the individual to receive more than 30% of the assets of the company or subsidiary (“the company in question”) which would then be available for distribution to equity holders of the company in question.
(3)For the purposes of subsection (2)—
(a)the persons who are equity holders of the company in question, and
(b)the percentage of the assets of the company in question to which the individual would be entitled,
are determined in accordance with Chapter 6 of Part 5 of CTA 2010.
(4)In making that determination—
(a)references in section 166 of that Act to company A are to be read as references to an equity holder, and
(b)references in that section to a winding up are to be read as including a reference to any other circumstances in which assets of the company in question are available for distribution to its equity holders.
(5)An individual does not have a substantial interest in a company merely because one or more shares in the company are held by the individual or by an associate of the individual, at a time when the company—
(a)has not issued any shares other than subscriber shares, and
(b)has not begun to carry on, or make preparations for carrying on, any trade or business.
(6)An individual has a substantial interest in a company if the individual has control of the company or any subsidiary of that company.
(7)For the purposes of this section—
(a)an individual is treated as entitled to acquire anything which the individual is entitled to acquire at a future date or will at a future date be entitled to acquire, and
(b)there is attributed to any individual any rights or powers of any other person who is an associate of the individual.
(8)In this section “subsidiary”, in relation to a company, means a company which at any time in period A is a 51% subsidiary of the company, whether or not it is such a subsidiary while the individual concerned has, or is entitled to acquire, such capital, voting power, rights or control as are mentioned in this section.]
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