There are currently no known outstanding effects for the Taxation (International and Other Provisions) Act 2010, Section 371QB.
(1)This section applies for the purposes of this Chapter.
(2)Section 371OB applies as it applies for the purposes of Chapter 15.
(3)“Ordinary shares”, in relation to any company, means shares of a single class, however described, which is the only class of share issued by the company.
(4)For the purposes of subsection (3)—
(a)“share” includes a fraction of a share, and
(b)shares issued by a company which are paid up to different amounts are not to be taken to be of a single class.
(5)A person (“P”) holds ordinary shares in the CFC “indirectly” if P directly holds ordinary shares in a company which is share-linked to the CFC.
(6)A company is “share-linked” to the CFC if it has an interest in the CFC only by virtue of it holding directly—
(a)ordinary shares in the CFC, or
(b)ordinary shares in another company which is share-linked to the CFC (whether by virtue of paragraph (a) or this paragraph),
and “share-linked company” means a company which is share-linked to the CFC.]
Textual Amendments
F1Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)
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