OpenLegislation

Paragraph 31

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

For the purposes of paragraph 30 a material interest in a company means—

(a)

beneficial ownership of, or the ability to control, directly or through the medium of other companies or by any other indirect means, more than 30% of the ordinary share capital of the company; or

(b)

where the company is a close company, possession of or entitlement to acquire such rights as would, in the event of the winding up of the company or in any other circumstances, give an entitlement to receive more than 30% of the assets that would then be available for distribution among the participators.

(2)

In this paragraph—

  • “close company” includes a company that would be a close company but for—

    1. (a)

      section 414(1)(a) of the Taxes Act 1988 (exclusion of companies not resident in the United Kingdom), or

    2. (b)

      section 415 of that Act (exclusion of certain quoted companies);

  • “participator” has the meaning given by section 417(1) of that Act.

(3)

This paragraph is supplemented by paragraph 32 (options etc.) and paragraph 33 (shares held by trustees of approved profit-sharing schemes).

Notes on Schedule 14

Textual amendments

F1

Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)