Paragraph 5 F1

P passes the shareholding test in relation to a joint venture company if, throughout the relevant period, the sum of the percentages given by paragraphs (a) and (b) is at least 5%—

(a)

the percentage of the ordinary share capital of the joint venture company that is owned directly by P, and

(b)

P's indirect shareholding percentage (see paragraph 6).

Annotations

Textual amendments

F1: Sch. 7ZA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 5

Notes on Schedule 7ZA

Textual amendments

F2: Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))