Schedule 1, paragraph 9(2)

A person holds a right “indirectly” if the person has a majority stake in another person and that other person— holds that right, or is part of a chain of persons— each of whom (other than the last) has a majority stake in the person immediately below it in the chain, and the last of whom holds that right.

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