Legal Services Act 2007

4 (1) For the purposes of this Schedule, a person holds a controlled interest in a body (“B”) if the person— E+W

(a) holds at least x% of the shares in B,

(b) holds at least x% of the shares in a parent undertaking (“P”) of B,

(c) is entitled to exercise, or control the exercise of, at least x% of the voting rights in B, or

(d) is entitled to exercise, or control the exercise of, at least x% of the voting rights in P.

(2) For the purposes of sub-paragraph (1) “the person” means—

(a) the person,

(b) any of the person's associates, or

(c) the person and any of the person's associates taken together.

(3) In sub-paragraph (1), “x” means such percentage as may be specified in licensing rules made by the relevant licensing authority under paragraph 2(2).

(4) Licensing rules made under paragraph 2(2) may specify more than one percentage.

(5) Any percentage specified by licensing rules made under paragraph 2(2) must be greater than—

(a) 10%, or

(b) if the relevant licensing authority makes licensing rules under paragraph 3(2)(a), the percentage specified in those rules.

(6) For the purposes of this Schedule—

(a) controlled interests held by virtue of different paragraphs of sub-paragraph (1) are restricted interests of different kinds;

(b) if licensing rules made under paragraph 2(2) specify more than one percentage, controlled interests held by virtue of each of those percentages are restricted interests of different kinds.

Commencement Information

I1 Sch. 13 para. 4 in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)