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Paragraph 12 Joint arrangementsI1I2I3

United Kingdom

(1)

If shares or rights held by a person and shares or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated for the purposes of this Schedule as holding the combined shares or rights of both of them.

(2)

A “joint arrangement” is an arrangement between the holders of shares (or rights) that they will exercise all or substantially all the rights conferred by their respective shares (or rights) jointly in a way that is pre-determined by the arrangement.

(3)

“Arrangement” includes—

(a)

any scheme, agreement or understanding, whether or not it is legally enforceable, and

(b)

any convention, custom or practice of any kind.

(4)

But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, or the time it has been in existence, or otherwise).

Annotations

Commencement

I1

Sch. 2 para. 12 not in force at Royal Assent, see s. 69

I2

Sch. 2 para. 12 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

I3

Sch. 2 para. 12 in force in so far as not already in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)