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Corporation Tax Act 2010

Section 28: Associated companies: fixed-rate preference shares

115.This section is the rule that some fixed-rate preference shares are ignored in determining whether one company controls another. It is new. See Change 3 in Annex1.

116.Subsection (1) sets out the three conditions for the special treatment. The second condition includes a reference to the company which holds the shares taking part in the management or conduct of the issuing company’s business. It is unlikely that a company (rather than an individual) would do this but the section retains this part of the condition for the relaxation to apply.

117.Subsection (2) sets out a definition of “fixed-rate preference shares”. ESC C9 refers to the definition in Schedule 28B to ICTA, which deals with venture capital trusts. The definition here reproduces the rewritten version in section 313(7) of ITA.

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