Chwilio Deddfwriaeth

Chwiliad Uwch

Finance Act 2024

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Non-close condition

3(1)Section 528 is amended as follows.

(2)In subsection (4)—

(a)in the words before paragraph (a), after “company” insert “meets the non-close condition.”, and

(b)omit paragraphs (a) and (b).

(3)After subsection (4B) insert—

“(4C)The non-close condition is met—

(a)in relation to a company, if—

(i)it is not a close company, or

(ii)it is a close company but only because it has an institutional investor as a direct or indirect participator, and

(b)in relation to a person or scheme other than a company, if it would fall within paragraph (a)(i) or (ii) if—

(i)the person’s business or the scheme were a company, and

(ii)the interests of persons in the business or scheme were shares in the company.”

(4)In subsection (5), for “subsection (4)(a)” substitute “determining whether the non-close condition is met”.

(5)After subsection (5A) (as inserted by paragraph 4) insert—

“(5B)For the purposes of subsection (4C)(a)(ii)—

(a)a person is a “direct participator” if the person is a participator for the purposes of Part 10 of CTA 2010 (see section 454), and

(b)a person is an “indirect” participator in a company if the person has a share or interest in the capital or income of the company through another body corporate or other bodies corporate.

(5C)In determining whether a person is an indirect participator—

(a)reference to having a share or interest in the capital or income of a company through a body corporate is to be read in accordance with sub-paragraphs (9) and (10) of paragraph 46 of Schedule 5AAA to TCGA 1992 (meaning of direct or indirect participator), and

(b)a person is regarded for the purposes of those sub-paragraphs, and for the purposes of subsection (5B)(b) of this section, as having a share or interest in the capital or income of a company if the person would be a participator in the company as a result of section 454(2) of CTA 2010.”

(6)Section 528 has effect, and is to be deemed always to have had effect, with the amendments made by this paragraph.

Yn ôl i’r brig

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