29(1)In paragraph 28 (the “no material interest” requirement) references to a “material interest” in a company are to—U.K.
(a)a material interest in the share capital of the company, or
(b)where it is a close company, a material interest in its assets.
(2)A material interest in the share capital of a company means—
(a)beneficial ownership of, or
(b)the ability to control (directly or through the medium of other companies or by any other indirect means),
more than 30% of the ordinary share capital of the company.
(3)A material interest in the assets of a close company means—
(a)possession of, or
(b)an entitlement to acquire,
such rights as would, in the event of the winding up of the company or in any other circumstances, give an entitlement to receive more than 30% of the assets that would then be available for distribution among the participators.
(4)In this paragraph—
“close company” includes a company that would be a close company but for—
“participator” has the meaning given by [F3section 454 of CTA 2010] (expressions relating to close companies).
(5)This paragraph is supplemented by paragraph 30 (options and interests in SIPs).
Textual Amendments
F1Words in Sch. 5 para. 29(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 399(5)(a)(i) (with Sch. 2)
F2Words in Sch. 5 para. 29(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 399(5)(a)(ii) (with Sch. 2)
F3Words in Sch. 5 para. 29(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 399(5)(b) (with Sch. 2)