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Changes over time for: Paragraph 10


Timeline of Changes
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Version Superseded: 01/04/2010
Status:
Point in time view as at 03/08/2005.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Paragraph 10 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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This section has no associated Explanatory Notes
10(1)In paragraph 9 (the “no material interest” requirement) references to a “material interes” in a company are to—U.K.
(a)a material interest in the share capital of the company, or
(b)a material interest in its assets.
(2)A material interest in the share capital of a company means—
(a)beneficial ownership of, or
(b)the ability to control (directly or through the medium of other companies or by any other indirect means),
more than [25%] of the ordinary share capital of the company.
(3)A material interest in the assets of a company means—
(a)possession of, or
(b)an entitlement to acquire,
such rights as would, in the event of the winding up of the company or in any other circumstances, give an entitlement to receive more than [25%] of the assets that would then be available for distribution among the participators.
(4)In this paragraph “participator” has the meaning given by section 417(1) of ICTA.
(5)This paragraph is supplemented by paragraph 11 (material interest: options etc.).
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