http://www.legislation.gov.uk/ukpga/2010/4/section/447Corporation Tax Act 2010An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.texttext/xmlenStatute Law Database2026-05-20Expert Participation2026-03-18 Corporation Tax Act 2010s. 658(1)(d)(e)Finance Act 2010Sch. 6 para. 31Sch. 6 para. 35Corporation Tax Act 2010s. 357CHAFinance Act 2024Sch. 2 para. 14(7)Sch. 2 para. 16(2) Part 10Chapter 24471For the purposes of section 446, shares in a company (C) are beneficially held by the public if they are—abeneficially held by a UK resident company which is not a close company, or by a non-UK resident company which would not be a close company if it were UK resident,bheld on trust for a registered pension scheme, orcnot comprised in a principal member's holding.2But shares are not beneficially held by the public if they are held—aby a director of C,bby an associate of such a director,cby a company which is under the control of one or more persons each of whom is such a director or associate,dby an associated company of C, oreas part of a fund the capital or income of which is applicable or applied wholly or mainly for the benefit of any of individuals within subsection (3).3Those individuals are—aemployees, directors, past employees or past directors of C or of any company within subsection (2)(c) or (d), andbdependants of any individuals within paragraph (a).4The reference in section 446(1) to shares which have been allotted unconditionally to, or acquired unconditionally by, the public is to be read in accordance with subsections (1) to (3).5For the purposes of subsection (1), a principal member's holding consists of the shares which carry the voting power possessed by him.6The reference in subsection (2) to shares held by any person includes shares the rights or powers attached to which would be attributed to the person if section 451(3) applied for the purposes of that subsection.7Subsections (3) to (5) of section 446 (meaning of “principal member” and determination of voting power possessed) apply for the purposes of this section as they apply for the purposes of that section.8In this section, “shares” includes stock.Pt. 10 Ch. 2 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 456(7) (as substituted by 2010 c. 4, s. 1184(1), Sch. 1 para. 466(2) (with Sch. 2))Pt. 10 Ch. 2 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 376(1) (as amended by 2010 c. 4, s. 1184(1), Sch. 1 para. 610(2) (with Sch. 2))Pt. 10 applied (with modifications) (6.4.2014) by National Insurance Contributions Act 2014 (c. 7), s. 8, Sch. 1 Pt. 1Pt. 10 Ch. 2 applied (with modifications) (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by 1992 c. 12, Sch. 5AAA para. 46(2) (as inserted by Finance Act 2019 (c. 1), Sch. 1 para. 21)Pt. 10 Ch. 2 modified (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by 1992 c. 12, Sch. 5AAA para. 36(3)(4) (as inserted by Finance Act 2019 (c. 1), Sch. 1 para. 21)Pt. 10 Ch. 2 applied (with modifications) (with effect in accordance with Sch. 16 para. 6 of the amending Act) by 2003 c. 14, Sch. 9A para. 8 (as inserted by Finance Act 2021 (c. 26), Sch. 16 para. 5)Pt. 10 Ch. 2 applied (with modifications) (with effect in accordance with Sch. 16 para. 6 of the amending Act) by 2003 c. 14, Sch. 9A para. 9(1), 10 (as inserted by Finance Act 2021 (c. 26), Sch. 16 para. 5)Pt. 10 Ch. 2 applied (with modifications) (with effect in accordance with s. 36(4) of the amending Act) by 1992 c. 12, s. 138ZA(6) (as inserted by Finance (No. 2) Act 2023 (c. 30), s. 36(2))Pt. 10 Ch. 2 applied (with modifications) (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 8(2) (with reg. 63)