Schedule 1A, Part 2 Holding an interest in a Company Etc (paras. 7-9)

Section 790C.

Introduction

7 This Part of this Schedule specifies the circumstances in which, for the purposes of section 790C(4) or (8) -

(a) a person ("V") is to be regarded as holding an interest in a company ("company W");

(b) an interest held by V in company W is to be regarded as held through a legal entity.

Holding an interest

8

(1) V holds an interest in company W if -

(a) V holds shares in company W, directly or indirectly,

(b) V holds, directly or indirectly, voting rights in company W,

(c) V holds, directly or indirectly, the right to appoint or remove any member of the board of directors of company W,

(d) V has the right to exercise, or actually exercises, significant influence or control over company W, or

(e) sub-paragraph (2) is satisfied.

(2) This sub-paragraph is satisfied where -

(a) the trustees of a trust or the members of a firm that, under the law by which it is governed, is not a legal person hold an interest in company W in a way mentioned in subparagraph (1)(a)

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