Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 6 U.K. Exempt income

Chapter 9 U.K. Other income

Interest and royalty payments U.K.

761 Meaning of “25% associates” U.K.

For the purposes of condition C in section 758, two companies are 25% associates if—

(a) one holds directly—

(i) 25% or more of the capital in the other, or

(ii) 25% or more of the voting rights in the other, or

(b) a third company holds directly—

(i) 25% or more of the capital in each of them, or

(ii) 25% or more of the voting rights in each of them.