Schedule 1, paragraph 5(2)

In relation to a person that does not have general meetings at which matters are decided by the exercise of voting rights— a reference to holding voting rights in the person is to be read as a reference to holding rights in relation to the person that are equivalent to those of a person entitled to exercise voting rights in a company; a reference to holding “more than 50% of the voting rights” in the person is to be read as a reference to holding the right under the constitution of the person to block changes to the overall policy of the person or to the terms of its constitution.

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