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Taxation of Chargeable Gains Act 1992

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Changes over time for: Paragraph 24

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Point in time view as at 15/09/2016.

Changes to legislation:

Taxation of Chargeable Gains Act 1992, Paragraph 24 is up to date with all changes known to be in force on or before 07 March 2025. 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. Help about Changes to Legislation

[F124(1)For the purposes of this Schedule a company is a “joint venture company” if, and only if—U.K.

(a)it is a trading company or the holding company of a trading group or trading subgroup, and

(b)there are five or fewer persons who between them hold 75% or more of its ordinary share capital.

In determining whether there are five or fewer such persons as are mentioned in paragraph (b), the members of a group are treated as if they were a single company.

(2)For the purposes of this Schedule—

(a)a company that is not a member of a group has a “qualifying shareholding” in a joint venture company if, and only if, it holds shares or an interest in shares in the joint venture company by virtue of which it holds 10% or more of that company’s ordinary share capital;

(b)a company that is a member of a group has a “qualifying shareholding” in a joint venture company if, and only if—

(i)it holds ordinary share capital of the joint venture company, and

(ii)the members of the group between them hold 10% or more of the ordinary share capital of that company.]

Textual Amendments

F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

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