{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7AC/paragraph-24",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7AC/paragraph-24.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "schedule/7AC/paragraph/24",
  "kind": "paragraph",
  "number": "24",
  "heading": null,
  "text": "(1) For the purposes of this Schedule a company is a “joint venture company” if, and only if—\n(a) it is a trading company or the holding company of a trading group or trading subgroup, and\n(b) there are five or fewer persons who between them hold 75% or more of its ordinary share capital.\nIn 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.\n(2) For the purposes of this Schedule—\n(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;\n(b) a company that is a member of a group has a “qualifying shareholding” in a joint venture company if, and only if—\n(i) it holds ordinary share capital of the joint venture company, and\n(ii) the members of the group between them hold 10% or more of the ordinary share capital of that company.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/schedule/7AC/paragraph/24",
    "retrieved_at": "2026-11-14T03:34:05.925206+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}