Paragraph 24 F1

(1)

For the purposes of this Schedule a company is a “joint venture company” if, and only if—

(a)

it is a trading company or the holding company of a trading group or trading subgroup, and

(b)

there are five or fewer persons who between them hold 75% or more of its ordinary share capital.

In determining whether there are five or fewer such persons as are mentioned in paragraph (b), the members of a group are treated as if they were a single company.

(2)

For the purposes of this Schedule—

(a)

a company that is not a member of a group has a “qualifying shareholding” in a joint venture company if, and only if, it holds shares or an interest in shares in the joint venture company by virtue of which it holds 10% or more of that company’s ordinary share capital;

(b)

a company that is a member of a group has a “qualifying shareholding” in a joint venture company if, and only if—

(i)

it holds ordinary share capital of the joint venture company, and

(ii)

the members of the group between them hold 10% or more of the ordinary share capital of that company.

Annotations

Textual amendments

F1: Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

Notes on Part 3

Textual amendments

F2: Words in Sch. 7AC Pt. 3 heading omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(c)