[PART 4U.K.Interpretation of this schedule
Meaning of “P”U.K.
24(1)In the case of a material disposal of business assets, “P” means the individual making the disposal.U.K.
(2)In the case of a disposal of trust business assets—
(a)“P” means any relevant beneficiary, but
(b)in any reference to P passing or failing the tests mentioned in paragraphs 3 and 13(1), P is to be read as being a single body consisting of all the relevant beneficiaries (so that, for the purposes of determining if those tests are met, percentages are to be calculated in respect of each relevant beneficiary and then aggregated).
(3)The following are “relevant beneficiaries”—
(a)the qualifying beneficiary in relation to the disposal (see section 169J(3)), and
(b)any other beneficiary who is, in relation to the disposal, a beneficiary mentioned in section 169O(1).
Meaning of “relevant period”U.K.
25U.K.“The relevant period” means—
(a)for the purposes of conditions A and C in section 169I, the period of 1 year ending with the date of the disposal,
(b)for the purposes of conditions B and D in section 169I, the period of 1 year ending with the date mentioned in subsection (7)(a) or (b) or (7O)(a) or (b) of that section, and
(c)for the purposes of section 169J(4), a period of 1 year ending not earlier than 3 years before the date of the disposal.
Other interpretation provisionsU.K.
26(1)Terms used in this Schedule which are defined in subsection (14) of section 165A have the same meaning as they have in that subsection.U.K.
(2)References to a person holding voting rights include references to a person who has the ability to control the exercise of voting rights by another person.
(3)For the purposes of Part 3 of this Schedule, the assets of—
(a)a Scottish partnership, or
(b)a partnership under the law of any other country or territory under which assets of a partnership are regarded as held by or on behalf of the partnership as such,
are to be treated as held by the members of the partnership in the proportions in which they are entitled to share in the capital profits of the partnership.
References in Part 3 to a person's interest in the assets of a partnership are to be construed accordingly.]