{
  "url": "https://openlegislation.uk/finance-act-2022/schedule-2/paragraph-11",
  "json_url": "https://openlegislation.uk/finance-act-2022/schedule-2/paragraph-11.json",
  "legislation": "ukpga/2022/3",
  "legislation_title": "Finance Act 2022",
  "legislation_url": "https://openlegislation.uk/finance-act-2022",
  "path": "schedule/2/paragraph/11",
  "kind": "paragraph",
  "number": "11",
  "heading": "Intermediate company",
  "text": "(1) For the purposes of this Part of this Schedule, a company is an “intermediate company” if—\n(a) it meets the activity condition in paragraph 13(1), and\n(b) it is wholly or almost wholly owned by another category A investor, other than a QAHC, or by other category A investors who are not QAHCs.\n(2) For the purposes of sub-paragraph (1), a company is wholly or almost wholly owned by a category A investor, or by category A investors, if that investor has, or those investors between them have, a 99% investment in the company.\n(3) Whether a category A investor has, or category A investors between them have, a 99% investment in a company is determined by applying paragraph 9 of Schedule 1A to TCGA 1992 (meaning of “25% investment”) as if—\n(a) in sub-paragraph (1) of that paragraph—\n(i) for the words before paragraph (a) there were substituted “A category A investor or category A investors together (“P”) has or have a 99% investment in a company (“C”) if all of the following conditions are met—”;\n(ii) paragraph (a) were omitted;\n(iii) in each of paragraphs (b), (c) and (d), for “25%” there were substituted “99%”;\n(iv) for the “or” at the end of paragraph (c) there were substituted “and”;\n(b) in sub-paragraph (7), “or indirect” were omitted in both places it occurs;\n(c) sub-paragraphs (8) and (9) were omitted;\n(d) any reference to a person, other than the references in sub-paragraph (11) of that paragraph, included a qualifying fund that is transparent (within the meaning given by paragraph 6(7)), and any interests of its participants that are held through the fund were interests of the fund itself;\n(e) paragraph 10 of that Schedule were omitted.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2022/3/schedule/2/paragraph/11",
    "retrieved_at": "2026-10-29T08:57:50.927298+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}