SCHEDULES

SCHEDULE 22 Tonnage tax

Part XII Groups, mergers and related matters

Companies treated as controlled by an individual

117

(1)

For the purposes of this Schedule an individual is treated as controlling any company that is controlled—

(a)

by him alone, or

(b)

by him together with one or more associates of his, or

(c)

subject to sub-paragraph (2), by any associate of his, with or without any other such associates.

(2)

An individual shall not be treated as controlling a company by virtue of sub-paragraph (1)(c) if he does not have any significant influence over the affairs of the company in question.