SCHEDULES

SCHEDULE 29 U.K.Gains and losses of a company from intangible fixed assets

Modifications etc. (not altering text)

C1 Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6

C2 Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1

Part 12 U.K.Transactions between related parties

Meaning of “related party" U.K.

95 (1) For the purposes of this Schedule a person (“P”) is a “related party” in relation to a company (“C”) in the following cases:

• Case One

  P is a company and either—

  (a)

  P has control of, or holds a major interest in, C, or

  (b)

  C has control of, or holds a major interest in, P.

• Case Two

  P is a company and P and C are both under the control of the same person (but see sub-paragraph (2)).

• Case Three

  C is a close company and P is—

  (a)

  a participator in C, or

  (b)

  an associate of a participator in C.

• [F1 Case Four

  P is a company and C is another company in the same group.]

(2) Case Two does not apply if the person controlling both P and C is—

• the Crown,

• a Minister of the Crown or a government department,

• the Scottish Ministers,

• the National Assembly for Wales,

• a Minister within the meaning of the Northern Ireland Act 1998 (c. 47) or a Northern Ireland department,

• a foreign sovereign power, or

• an international organisation.

Textual Amendments

F1 Words in Sch. 29 para. 95(1) added (with effect in accordance with s. 184(4) of the amending Act) by Finance Act 2003 (c. 14), s. 184(3)