# Taxation of Chargeable Gains Act 1992, Paragraph 40


(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 ”.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/40 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.