Paragraph 8 Holding an interest

(1)

V holds an interest in eligible Scottish partnership W if—

(a)

V holds, directly or indirectly, the right to surplus assets of eligible Scottish partnership W on a winding up,

(b)

V holds, directly or indirectly, voting rights in eligible Scottish partnership W,

(c)

V holds, directly or indirectly, the right to appoint or remove any of the persons entitled to take part in the management of eligible Scottish partnership W,

(d)

V has the right to exercise, or actually exercises, significant influence or control over eligible Scottish partnership W, or

(e)

sub-paragraph (2) is satisfied.

(2)

This sub-paragraph is satisfied where—

(a)

the trustees of a trust or the members of a firm that, under the law by which it is governed, is not a legal person hold an interest in eligible Scottish partnership W in a way mentioned in sub-paragraph (1)(a) to (d), and

(b)

V has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm.