SCHEDULES
C1SCHEDULE 15Tax treatment of financing costs and income
Part 10Other interpretative provisions
Meaning of “relevant non-corporate entity”
82
1
In this Schedule “relevant non-corporate entity” means an entity—
a
that is not a corporate entity, and
b
in relation to which conditions A and B are met.
2
Condition A is that shares or other interests in the entity are listed on a recognised stock exchange.
3
Condition B is that the shares or other interests in the entity are sufficiently widely held.
4
For this purpose shares or other interests in an entity are “sufficiently widely held” if no participator in the entity holds more than 10% by value of all the shares or other interests in the entity.
5
Section 417(1) of ICTA (meaning of participator) applies for the purposes of this paragraph.
6
In the application of that provision for those purposes, references to a company are to be treated as references to an entity.
Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)