Schedule 1, paragraph 4

In relation to a person who has a share capital, a reference to holding “more than 50% of the shares” in that person is to holding shares comprised in the issued share capital of that person of a nominal value exceeding (in aggregate) 50% of that share capital. In relation to a person who does not have a share capital— a reference to holding shares in that person is to holding a right or rights to share in the capital or, as the case may be, profits of that person; a reference to holding “more than 50% of the shares” in that person is to holding a right or rights to share in more than 50% of the capital or, as the case may be, profits of that person.

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Source: legislation.gov.uk · retrieved 2026-08-30