# Taxation of Chargeable Gains Act 1992, Paragraph 24


(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.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/7AC/paragraph/24 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7AC/paragraph-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.