Paragraph 41 F1

(1)

For the purposes of this Part of this Schedule a collective investment scheme or person wholly (or almost wholly) owns a company at any time if—

(a)

the scheme or person wholly owns the company at that time, or

(b)

the scheme or person has a 99% investment in the company at that time.

(2)

Whether a scheme or person has a 99% 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)

omit paragraph (a),

(b)

for “25%”, in each place, substitute “ 99% ”, and

(c)

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