Version Superseded: 17/07/2013
Point in time view as at 01/04/2010. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 721 is up to date with all changes known to be in force on or before 15 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section applies for the purposes of Chapters 2 to 5 if conditions A and B are met.
(2)Condition A is that persons (whether company members or not) possess extraordinary rights or powers under any document regulating a company.
(3)Condition B is that because of that fact ownership of the ordinary share capital may not be an appropriate test of whether there has been a major change in the persons for whose benefit the relief may ultimately enure.
(4)In determining whether there has been a change in the ownership of the company for the purposes of Chapter 2, 3, 4 or 5, any of the following may be taken into account instead of ordinary share capital—
(a)holdings of all kinds of share capital,
(b)holdings of any particular kind of share capital,
(c)voting power, and
(d)any other kind of special power.
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