Section 1155 Indirect ownership of ordinary share capitalC1C2C3C4
United Kingdom
For the purposes of this Chapter ordinary share capital is owned indirectly by a body corporate if it is owned through another body corporate or other bodies corporate.
References in this Chapter to ownership through a body corporate are to be read in accordance with subsections (3) and (4).
Suppose that 3 or more bodies corporate are ordered in a series such that each body in the series (other than the last) owns ordinary share capital of the body immediately below it in the series.
If B is a body that is below, but not immediately below, A in the series, A is said to own ordinary share capital of B through each body corporate that is between A and B in the series.
Sections 1156 and 1157 contain rules for calculating, for the purposes of this Chapter, the amount of a body corporate's ordinary share capital that another body corporate owns—
indirectly, or
partly directly and partly indirectly.
Annotations
Modifications
- C1
Ss. 1155-1157 applied (with modifications) by 2010 c. 8, s. 464(9) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))
- C2
Ss. 1155-1157 applied by 1992 c. 12, Sch. 7AC para. 3B(3)(4) (as inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(2))
- C3
S. 1155 applied (E.W.) (1.4.2018) by Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), s. 81(2)(3), Sch. 16 para. 3(5)(b); S.I. 2018/34, art. 3
- C4
Ss. 1155-1157 applied (with modifications) by 1992 c. 12, Sch. 1A para. 9 (as inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 14)
Notes on Chapter 3
Modifications
- C1
Pt. 24 Ch. 3 applied in part (with modifications) by 2010 c. 8, s. 345(7)-(10) (as substituted (with effect in accordance with s. 39(4) of the amending Act) by Finance Act 2014 (c. 26), s. 39(2))
- C2
Pt. 24 Ch. 3 applied (with modifications) (with effect in accordance with s. 161(2) of the amending Act) by Finance Act 2016 (c. 24), Sch. 19 para. 8(5)(6)
- C3
Pt. 24 Ch. 3 applied (with effect in accordance with s. 51 of the amending Act) by Finance Act 2022 (c. 3), s. 50(3)(5)(6)
- C4
Pt. 24 Ch. 3 applied (1.4.2022 in relation to relevant returns that are required to be made on or after that date) by Finance Act 2022 (c. 3), Sch. 17 para. 3(5)