Part 16

Income Tax Acts definitions etc
Chapter 1

Definitions

Meaning of “control”
995
1
This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section.
2
In relation to a body corporate (“company A”), “control” means the power of a person (“P”) to secure—
a
by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or
b
as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,
that the affairs of company A are conducted in accordance with P’s wishes.
3
In relation to a partnership, “control” means the right to a share of more than half the assets, or of more than half the income, of the partnership.