# Taxation of Chargeable Gains Act 1992, Paragraph 41


(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 ”.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/41 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-41
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.