is resident outside the United Kingdom, and

is controlled by persons resident in the United Kingdom, and

is subject to a lower level of taxation in the territory in which it is resident,

there are two persons who, taken together, control the company;

one of those persons is resident in the United Kingdom and is a person in whose case the 40 per cent test in section 755D(3) is satisfied; and

the other is a person in whose case the 40 per cent test in section 755D(4) is satisfied.

a sum equal to corporation tax at the appropriate rate on that apportioned amount of profits, less the portion of the controlled foreign company’s creditable tax for that period (if any) which is apportioned to the resident company, shall be F28chargeable on the resident company as if it were an amount of corporation tax chargeable on that company; F35. . .

F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the amount of the controlled foreign company’s chargeable profits for the accounting period in question which is apportioned to the resident company, and

any amounts of those chargeable profits which are apportioned to persons who are connected or associated with the resident company,

each of the persons who are connected or associated with the resident company has made an application under that section to the same effect, and

all the applications have been granted.

any reference in this Chapter to its chargeable profits for an accounting period is a reference to the amount which, on the assumptions in Schedule 24, would be the amount of the total profits of the company for that period on which, after allowing for any deductions available against those profits, corporation tax would be chargeable;

any reference in this Chapter to its chargeable profits for an accounting period includes (subject to subsections (7) to (9)) income which accrues during that accounting period to the trustees of a settlement in relation to which the company is a settlor or a beneficiary; and

any reference in this Chapter to profits does not include a reference to chargeable gains but otherwise (except as provided by paragraph (a) above) has the same meaning as it has for the purposes of corporation tax.

be included in the chargeable profits of a company which is a beneficiary in relation to a settlement and apportioned under subsection (3), and

be included in the chargeable profits of a company which is a settlor in relation to the settlement and apportioned under that subsection,

F53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

throughout that period the company is, within the meaning of Part II of that Schedule, engaged in exempt activities; or

F54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the chargeable profits of the accounting period do not exceed F45£50,000 or, if the accounting period is less than 12 months, a proportionately reduced amount;F46 or

make different provision for different cases or with respect to different territories;

make provision having effect in relation to accounting periods of controlled foreign companies ending not more than one year before the date on which the regulations are made; and

contain such supplementary, incidental, consequential and transitional provision as the Board may think fit.

in so far as any of the transactions the results of which are reflected in the profits arising in that accounting period, F43or any two or more transactions taken together, the results of at least one of which are so reflected, achieved a reduction in United Kingdom tax, either the reduction so achieved was minimal or it was not the main purpose or one of the main purposes of that transaction or, as the case may be, of those transactions taken together to achieve that reduction, and

it was not the main reason or, as the case may be, one of the main reasons for the company’s existence in that accounting period to achieve a reduction in United Kingdom tax by a diversion of profits from the United Kingdom,

in the absence of this subsection, in consequence of the scheme, section 748(1)(da) would apply to prevent an apportionment falling to be made as regards the relevant accounting period of X, and

the main purpose, or one of the main purposes, of any party to the scheme in entering into the scheme is to secure that section 748(1)(da) prevents an apportionment falling to be made as regards that period, or that period and one or more other accounting periods of X.

in consequence of the scheme profits are shifted to X from another company (“Y”),

the main purpose or one of the main purposes of any party to the scheme in entering into the scheme is to ensure that section 748(1)(da) prevents an apportionment falling to be made as regards the chargeable profits of one or more controlled foreign companies for one or more accounting periods, and

the relevant accounting period of X falls wholly or partly within that accounting period or those accounting periods.

F141section 418(5) of CTA 2009 (loan relationships involving connected debtor and creditor where debits exceed credits) has effect so as to treat X, for the purposes of Part 5 of that Act, as bringing into account for that period credits in respect of a loan relationship, or

Part 21B of CTA 2010 (group mismatch schemes) has effect so as to exclude an amount from being brought into account as a debit or credit for the purposes of Part 5 of CTA 2009 (loan relationships) or Part 7 of that Act (derivative contracts).

is a company incorporated in a territory to which this section applies as respects that accounting period; or

is at any time in that accounting period liable to tax in such a territory by reason of domicile, residence or place of management; or

at any time in that accounting period carries on business through a F131permanent establishment in such a territory.

may make different provision for different cases or with respect to different territories; and

may contain such incidental, supplemental, consequential or transitional provision as the Treasury may think fit.

there are in any accounting period two or more territories falling within subsection (1) above, and

no election or designation made under paragraph (d) or (e) of subsection (3) below in relation to an earlier accounting period of the company has effect by virtue of section 749A(1) in relation to that accounting period,

if, throughout the accounting period, the company’s place of effective management is situated in one of those territories only, in that territory;

if, throughout the accounting period, the company’s place of effective management is situated in two or more of those territories, in that one of them in which, at the end of the accounting period, the greater amount of the company’s assets is situated;

if neither paragraph (a) nor paragraph (b) above applies, in that one of the territories falling within subsection (1) above in which, at the end of the accounting period, the greater amount of the company’s assets is situated;

if, in a case falling within paragraph (d) above, the time by which any election under that paragraph in relation to that accounting period must be made in accordance with section 749A(3)(b) expires without such an election having been made, in that one of those territories which the Board justly and reasonably designates in relation to that accounting period.

there are in any accounting period two or more territories falling within subsection (1) above, and

an election or designation made under paragraph (d) or (e) of subsection (3) above in relation to an earlier accounting period of the company has effect by virtue of section 749A(1) in relation to the accounting period mentioned in paragraph (a) above,

account shall be taken only of those assets which, immediately before the end of that period, are situated in those territories; and

the amount of them shall be determined by reference to their market value at that time.

each of them has an assessable interest in the company in that accounting period; and

it is likely that, were an apportionment of the chargeable profits of the company for that accounting period made under section 747(3), the aggregate of the amounts which would be apportioned to them is greater than 50 per cent. of the aggregate of the amounts which would be apportioned to all the persons who have an assessable interest in the company in that accounting period.

the accounting period in relation to which it is made (“the original accounting period"), and

each successive accounting period of the controlled foreign company in question which precedes the next one in which the eligible territories are different,

at least one of the two or more territories which fell within subsection (1) of section 749 in the original accounting period does not fall within that subsection; or

some other territory also falls within that subsection.

must be made by notice given to an officer of the Board;

must be made no later than twelve months after the end of the controlled foreign company’s accounting period in relation to which it is made;

must state, as respects each of the persons making it, the percentage of the chargeable profits and creditable tax (if any) of the controlled foreign company for that accounting period which it is likely would be apportioned to him on an apportionment under section 747(3) if one were made;

must be signed by the persons making it; and

is irrevocable.

paragraph 10 of Schedule 18 to the Finance Act 1998 (claims or elections in company tax returns), or

Schedule 1A to the Management Act (claims or elections not included in returns),

the date on which the designation was made;

the controlled foreign company to which the designation relates;

the accounting period of the controlled foreign company in relation to which the designation is made; and

the territory designated.

any person who possesses, or is entitled to acquire, share capital or voting rights in the company;

any person who possesses, or is entitled to acquire, a right to receive or participate in distributions of the company;

any person who is entitled to secure that income or assets (whether present or future) of the company will be applied directly or indirectly for his benefit; and

any other person who, either alone or together with other persons, has control of the company.

is presently entitled to do it at a future date, or

will at a future date be entitled to do it;

which is brought into account in determining the profits of the company in respect of which tax is paid under the law of that territory, but

which does not also fall to be brought into account in determining the chargeable profits of the company,

under the law of that territory any tax (“the company's tax”) falls to be paid by the company in respect of profits of the company arising in that accounting period,

under that law, any repayment of tax, or any payment in respect of a credit for tax, is made to a person other than the company, and

that payment or repayment is directly or indirectly in respect of the company's tax,

it shall be assumed for the purposes of Schedule 24 that an apportionment under section 747(3) falls to be made as regards that period; and

there shall be disregarded the effect of any application under section 751A F67or 751AA; and

there shall be disregarded so much of any relief from corporation tax in respect of income as would be attributable to the local tax and would fall to be given by virtue of any provision of Part XVIII F62. . . ; and

in any accounting period a company is to be regarded by virtue of any of subsections (1) to (4) of section 749 as resident in a particular territory outside the United Kingdom, and

within the meaning of section 750(1), the local tax in respect of the profits arising to the company in that accounting period is equal to or greater than three-quarters of the corresponding United Kingdom tax on those profits, but

that local tax is determined under designer rate tax provisions,

which appear to the Board to be designed to enable companies to exercise significant control over the amount of tax which they pay; and

which are specified in regulations made by the Board.

may make different provision for different cases or with respect to different territories; and

may contain such supplementary, incidental, consequential or transitional provision as the Board may think fit.

whenever the company comes under the control of F68persons resident in the United Kingdom;

whenever the company F71. . . commences to carry on business F72unless an accounting period of the company has previously begun as respects which an apportionment under section 747(3) falls or has fallen to be made; and

whenever an accounting period of the company ends without the company then ceasing either to carry on business or to have any source of income whatsoever.

the company ceases to be under the control of persons resident in the United Kingdom; or

the company becomes, or ceases to be, liable to tax in a territory; or

F70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the company ceases to have any source of income whatsoever;

the amount of any relief from corporation tax in respect of income which (on the assumptions set out in Schedule 24 and assuming the company to be liable for corporation tax on the chargeable profits of that accounting period) would fall to be given to the company by virtue of any provision of Part XVIII in respect of foreign tax attributable to any income which is brought into account in determining those chargeable profits; and

any amount which (on those assumptions) would fall to be set off against corporation tax on those chargeable profits by virtue of section 7(2); and

the amount of any income tax or corporation tax actually charged in respect of the chargeable profits of that accounting period, less any of that tax which has been or falls to be repaid to the company, whether on the making of a claim or otherwise.

an apportionment under section 747(3) falls to be made as regards an accounting period (“the relevant accounting period”) of a controlled foreign company,

throughout that period the controlled foreign company has a business establishment in an EEA territory,

throughout that period there are individuals who work for the controlled foreign company in that territory, and

a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in that period.

those chargeable profits are treated as reduced by the specified amount, and

the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in those chargeable profits,

arises to the appropriate body of persons (taken as a whole), and

is created directly by qualifying work.

if the controlled foreign company is not a member of a group of companies, the controlled foreign company and the persons who have an interest in it at any time in the relevant accounting period, and

if the controlled foreign company is a member of a group of companies, all the persons falling within paragraph (a) and any other person who is a member of that group of companies,

is done in any EEA territory in which the controlled foreign company has a business establishment throughout the relevant accounting period, and

is done in that territory by individuals working for the controlled foreign company there.

they are employed by the company in the territory, or

they are otherwise directed by the company to perform duties on its behalf in the territory.

an apportionment under section 747(3) falls to be made as regards an accounting period (“the relevant accounting period”) of a controlled foreign company,

the chargeable profits of the controlled foreign company for the relevant accounting period would, apart from this section, include an amount of income in respect of a payment made by another company (“the payer”),

the amount that the payer brings into account for the purposes of corporation tax in respect of the payment is reduced (in part or in full) by virtue of Part 3 of Schedule 15 to FA 2009 (tax treatment of financing costs and income), and

a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in the relevant accounting period.

the chargeable profits are treated as reduced by the specified amount, and

the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in the chargeable profits,

an apportionment under section 747(3) would fall to be made as regards an accounting period (“the relevant accounting period”) of a controlled foreign company,

but for a relevant failure, section 748(1)(ba) or (bb) would have prevented such an apportionment, and

a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in that period.

in the case of section 748(1)(bb), a failure to satisfy the requirement of paragraph 12M of that Schedule (finance income).

the chargeable profits are treated as reduced to the specified amount, and

the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in the chargeable profits,

they are satisfied that the specified amount is not less than the relevant amount, and

they have not previously granted an application made by the UK resident company in respect of the relevant accounting period under section 751A or 751AC.

the amount (if any) by which the total of the controlled foreign company's finance income and relevant IP income for that period exceeds 5% of its gross income for that period, or

if that amount is a negligible amount, nil.

as not being wholly or partly attributable, directly or indirectly, to transactions with persons within the charge to United Kingdom tax.

is done in the territory in which the controlled foreign company is resident, and

is done in that territory by individuals working for the controlled foreign company there.

section 751A(5), (6) and (9) applies as it applies for the purposes of the equivalent provisions of section 751A, and

paragraph 5(2) to (5) of Schedule 25 (residence of controlled foreign company) applies as it applies in relation to Part 2 of that Schedule.

an exempt period in relation to a controlled foreign company ends in accordance with paragraph 15F(2) of Schedule 25 (time exempt period ends if there is an early termination event), other than by reason of an early termination event within paragraph 15F(3)(b),

an accounting period (“the relevant accounting period”) of the company ends after that exempt period but before the time the exempt period would have ended had paragraph 15F(2) of that Schedule not applied,

an apportionment under section 747(3) would fall to be made as regards the relevant accounting period, and

a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in that period.

the chargeable profits are treated as reduced to the specified amount, and

the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in the chargeable profits,

they are satisfied that the specified amount is not less than the relevant amount, and

they have not previously granted an application made by the UK resident company in respect of the relevant accounting period under section 751A or 751AB.

the relevant transaction which triggered the end of the exempt period, or

any later relevant transaction occurring before the time the exempt period would have ended had paragraph 15F(2) of Schedule 25 not applied.

must be made in such form as the HMRC Commissioners may determine,

must be accompanied by such documents (or copies of documents) in the company's possession or power as those Commissioners may reasonably require for the purpose of determining whether to grant the application, and

must contain such information as those Commissioners may reasonably require for that purpose.

may be made at any time on or before the filing date (within the meaning of Schedule 18 to the Finance Act 1998) for the relevant company tax return of the company, and

may be amended or withdrawn at any time before the application is determined by those Commissioners.

if F133the tribunal is satisfied that the relevant amount is a different amount from the amount specified in the application, F133it must direct the HMRC Commissioners to grant the application as if the amount specified in it were that different amount,

if F133the tribunal is satisfied that the relevant amount is the amount specified in the application, F133it must direct the HMRC Commissioners to grant the application, and

in any other case, the F134tribunal must confirm the refusal.

in the case of an appeal in respect of the refusal of an application under section 751A, means the amount (if any) equal to so much of the chargeable profits mentioned in subsection (4) of section 751A as can reasonably be regarded as representing the value mentioned in that subsection F138, and

in the case of an appeal in respect of the refusal of an application under section 751AA, has the meaning given by subsection (5) of that section.

any sum is chargeable on the company under section 747(4)(a), or

any sum would be so chargeable but for section 751A F139or 751AA,

the persons who have relevant interests in the controlled foreign company at any time in the relevant accounting period have those interests by virtue only of directly or indirectly holding ordinary shares of the company,

no company which has an intermediate interest in the controlled foreign company at any time in the relevant accounting period has that interest otherwise than by virtue of directly or indirectly holding ordinary shares of the controlled foreign company,

a UK resident company; or

another related person.

has the whole or any part of the same interest indirectly, by virtue of having a direct or indirect interest in the related person, and

by virtue of that indirect interest in the controlled foreign company, has a relevant interest in the company by virtue of subsection (2) above.

has a direct interest in a controlled foreign company, but

does not by virtue of subsections (2) to (6) above have a relevant interest in the company by virtue of that interest,

has the whole or any part of the same interest indirectly, and

by virtue of that indirect interest, has a relevant interest in the company by virtue of subsections (2) to (6) above.

subsection (1) above shall apply separately in relation to the different holdings with any necessary modifications; and

for the purposes of section 752(3) above the percentage of the issued ordinary shares of the company which the relevant interest represents is the aggregate of the percentages resulting from those separate applications.

a person has a direct interest in a company if (and only if) he has an interest in the company otherwise than by virtue of having an interest in another company;

a person has an indirect interest in a company if (and only if) he has an interest in the company by virtue of having an interest in another company;

a person indirectly holds shares of a controlled foreign company if (and only if) he directly holds ordinary shares of a company which is share-linked to the controlled foreign company.

of the controlled foreign company, or

of the controlled foreign company or of one or more companies which are share-linked to the controlled foreign company by virtue of paragraph (a) above, or

of the controlled foreign company or of one or more companies which are share-linked to the controlled foreign company by virtue of paragraph (a) or (b) above,

it has a direct or indirect interest in the controlled foreign company; and

one or more other persons have relevant interests in the controlled foreign company by virtue of having a direct or indirect interest in company A.

an interest in a controlled foreign company is held in a fiduciary or representative capacity, and

subsection (5) above does not apply, but

there are one or more identifiable beneficiaries,

any reference to corporation tax included a reference to a sum chargeable under section 747(4)(a) as if it were an amount of corporation tax; and

any reference to profits of a company included a reference to an amount of chargeable profits of a controlled foreign company which falls to be apportioned to a company under section 747(3).

an apportionment under section 747(3) falls to be made as regards an accounting period of a controlled foreign company, and

the apportionment falls to be made in accordance with section 752(4) on a just and reasonable basis, and

a company tax return is made or amended using for the apportionment a particular basis adopted by the company making the return,

under paragraph 34(3) of Schedule 18 to the Finance Act 1998 against an amendment of a company tax return, or

under paragraph 48 of that Schedule against a discovery assessment or discovery determination under paragraph 41 of that Schedule (including an assessment by virtue of paragraph 52 of that Schedule),

each of the persons whose liability under this Chapter in respect of the controlled foreign company concerned is likely to be affected by the resolution of the question shall be entitled F98to be a party to any proceedings;

the F99tribunal shall determine that question separately from any other questions in those proceedings; and

F100the tribunal's determination on that question shall have effect as if made in an appeal to which each of those persons was a party.

the whole or any part of the tax F87chargeable on a company (“the F87chargeable company”) by virtue of section F88747(4)(a) is not paid before the date on which it is due and payable in accordance with this Act or, as the case may be, the Management Act; and

the Board serve a notice of liability to tax under this subsection on another company (“the responsible company”) which is resident in the United Kingdom and holds or has held (whether directly or indirectly) F89the whole or any part of the same interest in the controlled foreign company as is or was held by the F87chargeable company,

F91the whole, or (as the case may be) the corresponding part, of any interest due on the tax F92chargeable on the F92chargeable company and not paid; and

any interest accruing due on that tax after the date of service,

a notice of liability is served on the responsible company under subsection (6) above, and

the relevant tax and any interest payable by the responsible company under subsection (7) above is not paid by that company before the expiry of the period of three months beginning on the date of service of the notice,

the giving of a closure notice; or

the making of a discovery assessment.

the determination, so far as it is taken into account in the closure notice or the discovery assessment, having been approved by the Board, or

notification of the Board’s approval having been served on that person at or before the time of the giving of the notice,

must be in writing;

must state the amounts mentioned in sub-paragraphs (i) and (ii) of paragraph (b) above; and

subject to paragraphs (a) to (c) above, may be in such form as the Board may determine.

must be given specifically in relation to the case in question and must apply to the amount determined; but

subject to that, may be given by the Board (either before or after the making of the determination) in any such form or manner as they may determine.

an agreement about the relevant amounts has been made between an officer of the Board and the person in whose case it is made;

that agreement is in force at the time of the giving of the closure notice or, as the case may be, notice of the assessment; and

the matters to which the agreement relates include the amount determined.

the amount of chargeable profits, and

the amount of creditable tax (which may be nil),

the agreement is one which has been made or confirmed in writing;

the taxpayer has not, before the end of that period of thirty days, served a notice on an officer of the Board stating that he is repudiating or resiling from the agreement.

stating that the agreement has been made; and

setting out the terms of the agreement.

an amount (“the apportioned profit") of a controlled foreign company’s chargeable profits for an accounting period falls to be apportioned under section 747(3) to a company resident in the United Kingdom (“the UK company");

the UK company carries on life assurance business in that one of its accounting periods (“the relevant accounting period") in which ends the accounting period of the controlled foreign company; and

the property or rights which represent the UK company’s relevant interest in the controlled foreign company constitute to any extent assets of the UK company’s F108long-term insurance fund.

if a single rate of tax under section F10988(1) of the M7Finance Act 1989 (lower corporation tax rate on certain insurance company profits) is applicable in relation to the relevant accounting period, that rate; or

if more than one such rate of tax is applicable in relation to the relevant accounting period, the average of those rates over the whole of that period.

paragraph 4 of Schedule 26 to this Act applies to a dividend received by the UK company, and

but for this subsection, subsection (4) of section 804B of this Act would apply to that dividend,

section 747(4)(a), and

paragraph 1 of Schedule 26,

the UK company is F114charged to tax under the I minus E basis in respect of life assurance business,

any creditable tax of the controlled foreign company falls to be apportioned to the UK company, and

the apportioned profit is to any extent referable to F116gross roll-up business,

the UK company is charged to tax under F122section 35 of CTA 2009 in respect of its profits from life assurance business, and

any creditable tax of the controlled foreign company falls to be apportioned to the UK company,

where subsection (11A) below applies, the whole of that profit, and

in any other case, the relevant fraction (within the meaning of subsection (11B) below) of that profit.

the UK company’s life assurance business is mutual business,

the policy holders' share of the UK company’s relevant profits for the relevant accounting period is equal to all those profits, or

the policy holders' share of the UK company’s relevant profits for the relevant accounting period is more than its BLAGAB profits for that period.

the policy holders' share of the UK company’s relevant profits for the relevant accounting period, by

the UK company’s BLAGAB profits for that period.

if there are F123section 35 profits of the accounting period in respect of its life assurance business, is nil, and

otherwise, is such fraction as is just and reasonable;

references to the policy holders' share of the UK company’s share of the relevant profits are to be construed in accordance with sections 88(3) and 89 of the Finance Act 1989, F120. . .

F120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

basic life assurance and general annuity business, or

gross roll-up business,

a controlled foreign company carries on general insurance business in an accounting period;

an amount of the company’s chargeable profits, and an amount of its creditable tax (if any), for that accounting period falls to be apportioned under section 747(3) to a company resident in the United Kingdom (“the UK company");

the UK company delivers a company tax return for that one of its accounting periods in which the controlled foreign company’s accounting period ends; and

in making or amending the return, the UK company has regard to accounts of the controlled foreign company drawn up using a method falling within subsection (2) below.

the method described in F126paragraph 58 in Section E of Part 2 of Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (which provides for a technical provision to be made in the accounts which is later replaced by a provision for estimated claims outstanding); and

any method which would have fallen within paragraph (a) above, had final replacement of the technical provision, as described in sub-paragraph (4) of paragraph F12758 of that Schedule, taken place, and been required to take place, no later than the end of the year referred to in that sub-paragraph as the third year following the underwriting year.

the UK company may make any amendments of its company tax return arising from the replacement of the technical provision in the controlled foreign company’s accounts at any time within twelve months from the date on which the provision was replaced; and

notice of intention to enquire into the return under paragraph 24 of Schedule 18 to the Finance Act 1998 may be given at any time up to two years from that date (or at any later time in accordance with the general rule in sub-paragraph (3) of that paragraph).

the controlled foreign company, and

any person with an interest in the controlled foreign company,

carries on general insurance business; and

draws up accounts relating to that business using a method falling within subsection (2) of section 755B.

make different provision for different cases;

make provision having effect in relation to accounting periods of non-resident companies ending not more than one year before the date on which the regulations are made; and

contain such supplementary, incidental, consequential and transitional provision as the Treasury may think fit.

by means of the holding of shares or the possession of voting power in or in relation to the company or any other company, or

by virtue of any powers conferred by the articles of association or other document regulating the company or any other company,

if the whole of the income of the company were distributed, entitle the person to receive the greater part of the amount so distributed,

if the whole of the company's share capital were disposed of, entitle the person to receive the greater part of the proceeds of the disposal, or

in the event of the winding-up of the company or in any other circumstances, entitle the person to receive the greater part of the assets of the company which would then be available for distribution.

at least 40 per cent, but

not more than 55 per cent,

whether a company is controlled by a person, or by two or more persons taken together, or

whether, in the case of any company, the applicable 40 per cent test is satisfied in the case of each of two persons who, taken together, control the company,

rights and powers which the person is entitled to acquire at a future date or which he will, at a future date, become entitled to acquire;

rights and powers of other persons, to the extent that they are rights or powers falling within subsection (7) below;

if the person is resident in the United Kingdom, rights and powers of any person who is resident in the United Kingdom and connected with the person; and

if the person is resident in the United Kingdom, rights and powers which for the purposes of subsection (5) above would be attributed to a person who is resident in the United Kingdom and connected with the person (a “UK connected person”) if the UK connected person were himself the person.

are not confined, in a case where a loan has been made by one person to another, to rights and powers conferred in relation to property of the borrower by the terms of any security relating to the loan.

is entitled to acquire at a future date, or

will, at a future date, become entitled to acquire.

to rights and powers of a person, or

to rights and powers which a person is or will become entitled to acquire,

it is not a member State at that time, and

there are no arrangements made in relation to the territory having effect by virtue of section 173 of the Finance Act 2006 (international tax enforcement arrangements) at that time.

section 839 applies; and

subsection (10) of section 783 applies as it applies for the purposes of that section.

F103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

section 417(7) to (9);