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Finance Act 2014

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This is the original version (as it was originally enacted).

PART 4Interpretation

Meaning of “controlling member”

19(1)For the purposes of this Schedule a person (“P”) is a “controlling member” of a partnership at any time when the person has a right to a share of more than half the assets, or of more than half the income, of the partnership.

(2)For that purpose there are to be attributed to P any interests or rights of—

(a)any individual who is connected with P (if P is an individual), and

(b)any body corporate that P controls.

(3)An individual is “connected” with P if the individual is—

(a)P’s spouse or civil partner;

(b)a relative of P;

(c)the spouse or civil partner of a relative of P;

(d)a relative of P’s spouse or civil partner, or

(e)the spouse or civil partner of a relative of P’s spouse or civil partner.

(4)In sub-paragraph (3) “relative” means brother, sister, ancestor or lineal descendant.

(5)P controls a body corporate (“B”) if P has power to secure—

(a)by means of the holding of shares or the possession of voting power in relation to B or any other body corporate, or

(b)as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,

that the affairs of B are conducted in accordance with P’s wishes.

Meaning of “managing partner”

20In this Schedule “managing partner”, in relation to a partnership, means a member of the partnership who directs or is on a day-to-day level in control of, the management of the business of the partnership.

Power to amend definitions

21(1)The Treasury may by regulations amend paragraph 19 or 20.

(2)Regulations under sub-paragraph (1) may include any amendment of this Schedule that is necessary in consequence of any amendment made by virtue of sub-paragraph (1).

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