94(1)For the purposes of the SIP code one company is an “associated company” of another company at a given time if—U.K.
(a)one has control of the other, or
(b)both are under the control of the same person or persons.
(2)Sub-paragraph (1) does not, however, apply for the purposes of paragraph 29 (prohibited shares).
(3)For the purposes of sub-paragraph (1) the question whether a person controls a company is to be determined in accordance with section 416(2) to (6) of ICTA.