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Income and Corporation Taxes Act 1988
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Changes over time for: Paragraph 15
Version Superseded: 19/07/2007
Alternative versions:
- 01/02/1991- Amendment
- 01/02/1991
Point in time - Stop date 19/07/2007- Amendment
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Point in time view as at 01/02/1991. This version of this provision has been superseded.
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Income and Corporation Taxes Act 1988, Paragraph 15 is up to date with all changes known to be in force on or before 04 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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15(1)References in this Part of this Schedule to shares held by any person include references to any shares the rights or powers attached to which could, for the purposes of section 416, be attributed to that person under subsection (5) of that section.
(2)For the purposes of this Part of this Schedule—
(a)a person is a principal member of a controlled foreign company if he possesses a percentage of the voting power in the company of more than 5 per cent. and—
(i)where there are more than five such persons, if he is one of the five persons who possess the greatest percentages, or
(ii)if, because two or more persons possess equal percentage of the voting power in the company, there are no such five persons, he is one of six or more persons (so as to include those two or more who possess the equal percentages) who possess the greatest percentages; and
(b)a principal member’s holding consists of the shares which carry the voting power possessed by him.
(3)In arriving at the voting power which a person possesses, there shall be attributed to him any voting power which, for the purposes of section 416, would be attributed to him under subsection (5) or (6) of that section.
(4)In this Part of this Schedule “shares” include “stock”.
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