Textual Amendments
F1Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
41(1)For the purposes of this Part of this Schedule a collective investment scheme or person wholly (or almost wholly) owns a company at any time if—U.K.
(a)the scheme or person wholly owns the company at that time, or
(b)the scheme or person has a 99% investment in the company at that time.
(2)Whether a scheme or person has a 99% investment in a company at any time is determined—
(a)by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,
(b)in the case of a collective investment scheme, on the assumption that it is a person.
(3)The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—
(a)omit paragraph (a),
(b)for “25%”, in each place, substitute “ 99% ”, and
(c)for the “or” at the end of paragraph (c) substitute “ and ”.]