Direct Tax Acts, Finance Act 2018

11 Meaning of “control” in certain contexts
CTA76 s158; FA17 s82 and Sch2(1)(a)

For the purposes of, and subject to, the provisions of the Corporation Tax Acts which apply this section, “control”, in relation to a company, means the power of a person to secure –

(a) by means of the holding of shares or the possession of voting power in or in relation to that or any other company, or

(b) by virtue of any powers conferred by the [constitution,]1 articles of association or other document regulating that or any other company,

that the affairs of the first-mentioned company are conducted in accordance with the wishes of that person and, in relation to a partnership, means the right to a share of more than 50 per cent of the assets, or of more than 50 per cent of the income, of the partnership.

Go to Revenue Guidance Notes on TCA


1Inserted by s82 FA17 and Sch 2(1)(a) and deemed to have come into operation on 1 June 2015

Cross references

89 Valuation of trading stock at discontinuance of trade

110 Securitisation

130 Matters to be treated as distributions

173 Interpretation (Chapter 9)

424 Effect of arrangements for transfer of company to another group, etc.

453 Transactions between associated persons

493 Interpretation (Chapter 3)

500 Qualifying investors

505 Specified individuals

507 The relief (Chapter 5)

511 The period of retention, release date and appropriate percentage

697LA Transactions between associated persons and between tonnage tax trade and other activities of same company

835A Interpretation (Part 35A)

Sch 10 Relief for investment in Corporate Trades: Subsidiaries