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M1(1)Any question whether a person is connected with a company shall be determined for the purposes of sections 219 to 227 in accordance with the following provisions of this section.
(2)A person is connected with a company if he directly or indirectly possesses or is entitled to acquire more than 30 per cent. of—
(a)the issued ordinary share capital of the company, or
(b)the loan capital and issued share capital of the company, or
(c)the voting power in the company.
(3)Where a person—
(a)acquired or became entitled to acquire loan capital of a company in the ordinary course of a business carried on by him, being a business which includes the lending of money, and
(b)takes no part in the management or conduct of the company,
his interest in that loan capital shall be disregarded for the purposes of subsection (2) above.
(4)A person is connected with a company if he directly or indirectly possesses or is entitled to acquire such rights as would, in the event of the winding up of the company or in any other circumstances, entitle him to receive more than 30 per cent. of the assets of the company which would then be available for distribution to equity holders of the company; and for the purposes of this subsection—
(a)the persons who are equity holders of the company, and
(b)the percentage of the assets of the company to which a person would be entitled,
shall be determined in accordance with paragraphs 1 and 3 of Schedule 18, taking references in paragraph 3 to the first company as references to an equity holder and references to a winding up as including references to any other circumstances in which assets of the company are available for distribution to its equity holders.
(5)A person is connected with a company if he has control of it.
(6)References in this section to the loan capital of a company are references to any debt incurred by the company—
(a)for any money borrowed or capital assets acquired by the company, or
(b)for any right to receive income created in favour of the company, or
(c)for consideration the value of which to the company was (at the time when the debt was incurred) substantially less than the amount of the debt (including any premium thereon).
(7)For the purposes of this section a person shall be treated as entitled to acquire anything which he is entitled to acquire at a future date or will at a future date be entitled to acquire.
(8)For the purposes of this section a person shall be assumed to have the rights or powers of his associates as well as his own.
Marginal Citations
M1Source—1982 Sch.9 15
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