F1SCHEDULE 1AReferences to people with significant control over a company
F1PART 2Holding an interest in a company etc
Introduction
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This Part of this Schedule specifies the circumstances in which, for the purposes of section 790C(4) or (8)—
(a)
a person (“V”) is to be regarded as holding an interest in a company (“company W”);
(b)
an interest held by V in company W is to be regarded as held through a legal entity.
Holding an interest
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(1)
V holds an interest in company W if—
(a)
V holds shares in company W, directly or indirectly,
(b)
V holds, directly or indirectly, voting rights in company W,
(c)
V holds, directly or indirectly, the right to appoint or remove any member of the board of directors of company W,
(d)
V has the right to exercise, or actually exercises, significant influence or control over company W, or
(e)
sub-paragraph (2) is satisfied.
(2)
This sub-paragraph is satisfied where—
(a)
the trustees of a trust or the members of a firm that, under the law by which it is governed, is not a legal person hold an interest in company W in a way mentioned in sub-paragraph (1)(a) to (d), and
(b)
V has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm.
Interests held through a legal entity
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(1)
This paragraph applies where V—
(a)
holds an interest in company W by virtue of indirectly holding shares or a right, and
(b)
does so by virtue of having a majority stake (see paragraph 18) in—
(i)
a legal entity (“L”) which holds the shares or right directly, or
(ii)
a legal entity that is part of a chain of legal entities such as is described in paragraph 18(1)(b) or (2)(b) that includes L.
(2)
Where this paragraph applies, V holds the interest in company W—
(a)
through L, and
(b)
through each other legal entity in the chain mentioned in sub-paragraph (1)(b)(ii).