Part V Transfer of business assets
F1Chapter IA Roll-over relief on re-investment
164JF1 Provisions supplementary to section 164I.
1
For the purposes of section 164I, in the case of a trade carried on by a company, a person has a controlling interest in that trade if—
a
he controls the company;
b
the company is a close company and he or an associate of his is a director of the company and either—
i
the beneficial owner of, or
ii
able, directly or through the medium of other companies or by any other indirect means, to control,
more than 30 per cent. of the ordinary share capital of the company; or
c
not less than half of the trade could in accordance with section 344(2) of the Taxes Act be regarded as belonging to him;
and, in any other case, a person has a controlling interest in a trade if he is entitled to not less than half of the assets used for, or of the income arising from, the trade.
2
For the purposes of subsection (1) above, there shall be attributed to any person any rights or powers of any other person who is an associate of his.
3
References in section 164I(2)(f) or subsection (1) above to a trade carried on by a person other than the company in question shall be construed as including references to any business, profession or vocation.
4
In this section “director” shall be construed in accordance with section 417(5) of the Taxes Act.
Ss. 164A-164N (Pt. V, Ch. 1A) inserted (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 7 Pt. II para.3