Section 995 Meaning of “control”C1

(1)

This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section.

(2)

In relation to a body corporate (“company A”), “control” means the power of a person (“P”) to secure—

(a)

by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or

(b)

as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,

that the affairs of company A are conducted in accordance with P's wishes.

(3)

In relation to a partnership, “control” means the right to a share of more than half the assets, or of more than half the income, of the partnership.

Annotations

C1: S. 995 applied by 2003 c. 1, s. 312G(6)(b) (as inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5)