2(1)[F1Subject to sub-paragraph (1A)]Any reference in paragraph 1 above to a person—U.K.
(a)holding or being entitled to shares, or any amount of the shares or equity share capital, in a body corporate, or
(b)possessing voting power, or any amount of the voting power, in a body corporate,
is a reference to his doing so, or being so entitled, whether alone or jointly with one or more other persons and whether directly or through one or more nominees.
[F2(1A)For the purposes of this Schedule, a person’s holding of shares, or possession of voting power, in a body corporate shall be disregarded if, or to the extent that—
(a)he holds the shares concerned—
(i)as a nominee,
(ii)as a custodian (whether under a trust or by a contract), or
(iii)under an arrangement pursuant to which he has issued, or is to issue, depositary receipts, as defined by section 220(1) of the Companies Act 1985, in respect of the shares concerned, and
(b)he is not entitled to exercise or control the exercise of voting rights in respect of the shares concerned.
(1B)For the purposes of sub-paragraph (1A)(b)—
(a)a person is not entitled to exercise or control the exercise of voting rights in respect of shares if he is bound (whether by contract or otherwise) not to exercise the voting rights, or not to exercise them otherwise than in accordance with the instructions of another, and
(b)voting rights which a person is entitled to exercise or of which he is entitled to control the exercise only in certain circumstances shall be taken into account only when those circumstances have arisen and for as long as they continue to obtain.]
F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Sch. 2 Pt. I para. 2(1) inserted (10.8.1996 for certain purposes otherwise 1.11.1996) by 1996 c. 55, s. 73, Sch. 2 Pt. I para. 2(2) (with s. 43(1)(6)); S.I. 1996/2120, arts. 3, 5, Sch. 2
F2Sch. 2 Pt. I para. 2(1A)(1B) inserted (10.8.1996 for certain purposes otherwise 1.11.1996) by 1996 c. 55, s. 73, Sch. 2 Pt. I para. 2(3) (with s. 43(1)(6)); S.I. 1996/2120, arts. 3, 5, Sch. 2
F3Sch. 2 Pt. I para. 2(2) repealed (1.11.1996) by 1996 c. 55, s. 148(2), Sch. 11 Pt. I (with s. 43(1)(6)); S.I. 1996/2120, art. 5, Sch. 2
F4Sch. 2 Pt. I para. 2(3) repealed (1.11.1996) by 1996 c. 55, s. 148(2), Sch. 11 Pt. I (with s. 43(1)(6)); S.I. 1996/2120, art. 5, Sch. 2