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9(1)Where a member has, or had, an interest in shares, whether that interest is, or was, held by the member or by a relevant person, and sub-paragraph (2) applies.S
(2)This sub-paragraph applies where either—
(a)the nominal value of the shares at the relevant date is, or was, greater than 1% of the total nominal value of the issued share capital of the company or other body; or
(b)the market value of the shares at the relevant date exceeds, or exceeded, 50 per cent of a member's salary on that date (rounded down to the nearest £10).
(3)Sub-paragraph (1) applies apply to an interest in shares, whether that interest is, or was, held by a member (or a relevant person)—
(a)solely in his or her own name;
(b)jointly with any other person or body; or
(c)as a trustee, whether or not jointly with other trustees where the member has an interest as a beneficiary of the trust.
(4)Sub-paragraph (1) does not apply to an interest in shares which forms part of the assets of a partnership and any income from that partnership is, or forms part of, remuneration registered under paragraph 2 of this schedule.
(5)Where a member has ceased to have an interest in shares before the date on which the member was returned as a member, the relevant date is the date when the interest in such shares ceased to be so held.
(6)Where a member had an interest in shares at the date on which the member was returned as a member, the relevant date is—
(a)that date; and
(b)the 5th April immediately following that date and in each succeeding year, where the interest is retained on that 5th April.
(7)Where a member acquires an interest in shares after the date on which the member was returned as a member, the relevant date is—
(a)the date on which the interest in shares was acquired; and
(b)the 5th April immediately following that date and in each succeeding year, where the interest is retained on that 5th April.
(8)In this paragraph—
(a)an “ ” means an interest in shares comprised in the share capital of a company or other body; and
(b)“relevant person”is a person who is subject to the control or direction of a member in respect of an interest in shares.
Commencement Information
I1This provision comes into force in accordance with s. 21(4)