[F1257MTExcluded activity: providing services or facilities for another businessU.K.
(1)This section explains what is meant by a controlling interest in a business for the purposes of section 257MQ(1)(h).
(2)In the case of a business carried on by a company, a person (“A”) has a controlling interest in the business if—
(a)A controls the company,
(b)the company is a close company and A, or an associate of A, is a director of the company and either—
(i)is the beneficial owner of more than 30% of the ordinary share capital of the company, or
(ii)is able, directly or through the medium of other companies or by any other indirect means, to control more than 30% of that share capital, or
(c)at least half of the business could, in accordance with section 942 of CTA 2010, be regarded as belonging to A for the purposes of section 941 of CTA 2010 (company reconstructions without a change of ownership).
(3)In any other case, a person has a controlling interest in a business if the person is entitled to at least half of the assets used for, or of the income arising from, the business.
(4)For the purposes of this section—
(a)any rights or powers of a person who is an associate of another are to be attributed to that other person, and
(b)“business” includes any trade, profession or vocation.]
Textual Amendments
F1Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1