# Income Tax (Earnings and Pensions) Act 2003, Paragraph 10

Extent: E+W+S+N.I.

(1) In paragraph 9 (the “no material interest” requirement) references to a “material interes” in a company are to—
(a) a material interest in the share capital of the company, or
(b) a material interest in its assets.
(2) A material interest in the share capital of a company means—
(a) beneficial ownership of, or
(b) 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.
(3) A material interest in the assets of a company means—
(a) possession of, or
(b) an 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.
(4) In this paragraph “participator” has the meaning given by section 454 of CTA 2010.
(5) This paragraph is supplemented by paragraph 11 (material interest: options etc.).

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/4/paragraph/10 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-4/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.