Textual Amendments
F1Sch. 33A inserted (with effect in accordance with s. 121(6) of the amending Act) by Finance Act 2021 (c. 26), Sch. 30 para. 10
2(1)A falls within this case if—U.K.
(a)A and one or more other persons carry out activities between them that if carried out by a single person would cause that person to be a promoter within the meaning of section 235(2) or (3), and
(b)each of the persons carrying out those activities is closely related to at least one other of those persons.
(2)A person (“D”) is closely related to another person (“E”) if—
(a)D is able to secure that E acts in accordance with D's wishes (or vice versa),
(b)E typically acts in accordance with D's wishes,
(c)it is reasonable to expect that E will act in accordance with D's wishes,
(d)a third person is able to secure that D and E act in accordance with the third person's wishes,
(e)D and E typically act in accordance with a third person's wishes,
(f)it is reasonable to expect that D and E will act in accordance with a third person's wishes, or
(g)the 50% investment condition is met in relation to D and E.
(3)The 50% investment condition is met in relation to D and E if—
(a)D has a 50% investment in E (or vice versa), or
(b)a third person has a 50% investment in each of D and E.
(4)Subsections (3) to (9) of section 259ND of TIOPA 2010 apply for the purposes of determining whether a person has a “50% investment” in another person, and references in those subsections to X% are to be read as references to 50%.]