{
  "url": "https://openlegislation.uk/finance-act-2024/schedule-7/paragraph-3",
  "json_url": "https://openlegislation.uk/finance-act-2024/schedule-7/paragraph-3.json",
  "legislation": "ukpga/2024/3",
  "legislation_title": "Finance Act 2024",
  "legislation_url": "https://openlegislation.uk/finance-act-2024",
  "path": "schedule/7/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": "Non-close condition",
  "text": "(1) Section 528 is amended as follows.\n(2) In subsection (4)—\n(a) in the words before paragraph (a), after “company” insert “meets the non-close condition.”, and\n(b) omit paragraphs (a) and (b).\n(3) After subsection (4B) insert—\n“(4C) The non-close condition is met—\n(a) in relation to a company, if—\n(i) it is not a close company, or\n(ii) it is a close company but only because it has an institutional investor as a direct or indirect participator, and\n(b) in relation to a person or scheme other than a company, if it would fall within paragraph (a)(i) or (ii) if—\n(i) the person’s business or the scheme were a company, and\n(ii) the interests of persons in the business or scheme were shares in the company.”\n(4) In subsection (5), for “subsection (4)(a)” substitute “determining whether the non-close condition is met”.\n(5) After subsection (5A) (as inserted by paragraph 4) insert—\n“(5B) For the purposes of subsection (4C)(a)(ii)—\n(a) a person is a “direct participator” if the person is a participator for the purposes of Part 10 of CTA 2010 (see section 454), and\n(b) a person is an “indirect” participator in a company if the person has a share or interest in the capital or income of the company through another body corporate or other bodies corporate.\n(5C) In determining whether a person is an indirect participator—\n(a) reference to having a share or interest in the capital or income of a company through a body corporate is to be read in accordance with sub-paragraphs (9) and (10) of paragraph 46 of Schedule 5AAA to TCGA 1992 (meaning of direct or indirect participator), and\n(b) a person is regarded for the purposes of those sub-paragraphs, and for the purposes of subsection (5B)(b) of this section, as having a share or interest in the capital or income of a company if the person would be a participator in the company as a result of section 454(2) of CTA 2010.”\n(6) Section 528 has effect, and is to be deemed always to have had effect, with the amendments made by this paragraph.",
  "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/2024/3/schedule/7/paragraph/3",
    "retrieved_at": "2026-10-29T08:48:28.960167+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."
}