Regulation 2 Interpretation

In these Regulations—

• “group company” means any company which is resident in the United Kingdom and which would be deemed to be a member of the group of companies which includes the reporting body for the purposes of Chapter IV of Part X of the Income and Corporation Taxes Act 1988^f1 if in section 413(3) of that Act the words “51 per cent” were substituted for the words “75 per cent”;

• “ICTA” means the Income and Corporation Taxes Act 1988;

• “redeemable”, in relation to shares, means that the shares satisfy one or both of the following conditions—

  1. (a)

     that, by virtue of the terms of their issue or the exercise of a right by any person or the existence of any arrangements, they are liable to be redeemed, cancelled or repaid, in whole or in part;

  2. (b)

     that, by virtue of any material arrangements, the holder has a right to require another person to acquire the shares or is obliged in any circumstances to dispose of them or another person has a right or is in any circumstances obliged to acquire them;

  and arrangements are material arrangements if the company which issued the shares or a company connected with that company is a party to the arrangements;

• “Schedule 17” means Schedule 17 (international movement of capital) to the Finance Act 2009.

For the purposes of these Regulations, whether a person is connected with another shall be determined as it would in accordance with the provisions of subsections (2) to (8) of section 839 (connected persons) of ICTA^f2 if the words “paragraph 12 of Schedule 17 to the Finance Act 2009” were substituted for the words “section 416” in the definition of “control” in subsection (8).

In these Regulations, references to a reporting body include a body corporate which would be a reporting body if it had not entered into an arrangement under paragraph 6 of Schedule 17.