Textual Amendments
F1Sch. 9A inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 5
9(1)For the purposes of this Schedule, a company meets the “non-UK control test” in relation to a chargeable transaction if it is a close company within the meaning given by Chapter 2 of Part 10 of CTA 2010 (basic definitions), applying that Chapter subject to the following modifications.
(2)Section 439 (“close company”) applies as if—
(a)references to a participator were to a relevant participator, and
(b)references to five or fewer participators were to any number of relevant participators.
(3)In sub-paragraph (2), “relevant participator” means a participator (within the meaning given by Chapter 2 of Part 10 of CTA 2010) who—
(a)is non-resident in relation to the chargeable transaction (within the meaning of this Schedule), and
(b)is not a general partner in a limited partnership.
(4)Section 444 (companies involved with close companies) applies as if condition A in that section were omitted.
(5)Section 446 (particular types of quoted company not treated as close) is treated as omitted.
(6)Section 451 (attribution of rights and powers) has effect subject to the limitations set out in paragraph 10.
(7)The reference in sub-paragraph (3)(b) to a general partner does not include a general partner who possesses, or is entitled to acquire, rights that entitle the general partner, in the event of the winding up of the company or in any other circumstances, to receive more than 1% of the assets of the company which would then be available for distribution among its members.]