Paragraph 40 F1

(1)

For the purposes of this Part of this Schedule a collective investment scheme, or a person or persons together, wholly owns or own a company at any time if the scheme, or person or persons together, has or have a 100% investment in the company at that time.

(2)

Whether a scheme, or person or persons together, have a 100% investment in a company at any time is determined—

(a)

by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,

(b)

in the case of a collective investment scheme, on the assumption that it is a person.

(3)

The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—

(a)

for the opening words substitute “A person or persons together ( “ P ”) has or have a 100% investment in a company ( “C”) if all of the following conditions are met—”,

(b)

omit paragraph (a),

(c)

in each of paragraphs (b), (c) and (d), for “25% or more” substitute “ 100% ”, and

(d)

for the “or” at the end of paragraph (c) substitute “ and ”.

Annotations

Textual amendments

F1: Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21