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Corporation Tax Act 2010

Section 446: Particular types of quoted company

1350.This section provides that certain quoted companies are not to be treated as close companies. It is based on section 415(1), (2) and (6) to (8) of ICTA.

1351.Subsection (1) lays down the general rule.

1352.Subsection (2) makes an exception to the general rule in subsection (1).

1353.Subsection (2) uses the concept of a “principal member” of a company. This term is defined in subsection (3).

1354.Subsection (4) qualifies subsection (3).

1355.Subsections (1) to (4) focus on voting power. Subsection (5) supplements the references to voting power in those provisions.

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