Part 24Corporation Tax Acts definitions etc
C1Chapter 3Subsidiaries
Annotations:
Modifications etc. (not altering text)
1157Adding fractions together
1
If A and C are bodies corporate and—
a
A owns, through one or more bodies corporate (“the intermediaries in the first series”), a fraction of C's ordinary share capital, and
b
A also owns a further fraction of C's ordinary share capital (or further fractions of C's ordinary share capital),
all those fractions are added together to find the amount of C's ordinary share capital that is owned by A.
2
The reference in subsection (1)(b) to a further fraction of C's share capital is to a fraction of C's share capital that A owns—
a
directly, or
b
indirectly but through one or more bodies corporate which do not (together) constitute all of the intermediaries in the first series, or which include a body corporate that is not an intermediary in the first series.
Pt. 24 Ch. 3 applied in part (with modifications) by 2010 c. 8, s. 345(7)-(10) (as substituted (with effect in accordance with s. 39(4) of the amending Act) by Finance Act 2014 (c. 26), s. 39(2))