Section 5(1)

In these Regulations, “beneficial owner”, in relation to a body corporate which is not a company whose securities are listed on a regulated market, means— any individual who exercises ultimate control over the management of the body corporate; any individual who ultimately owns or controls (in each case whether directly or indirectly), including through bearer share holdings or by other means, more than 25% of the shares or voting rights in the body corporate; or an individual who controls the body corporate.

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Source: legislation.gov.uk · retrieved 2026-09-04