Section 16(7)

For the purposes of this regulation, and regulations 17 (loans and credit arrangements) , 59 (exceptions relating to loans and credit arrangements) and 60ZZA (exceptions relating to investments in relation to Russia), a person (“C”) is “owned” by another person (“P”) if P— holds directly or indirectly more than 50% of the shares in C, or holds directly or indirectly more than 50% of the voting rights in C.

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