Schedules
Schedule 7Real Estate Investment Trusts
3Non-close condition
1
Section 528 is amended as follows.
2
In subsection (4)—
a
in the words before paragraph (a), after “company” insert “meets the non-close condition.”
, and
b
omit paragraphs (a) and (b).
3
After subsection (4B) insert—
4C
The non-close condition is met—
a
in relation to a company, if—
i
it is not a close company, or
ii
it is a close company but only because it has an institutional investor as a direct or indirect participator, and
b
in relation to a person or scheme other than a company, if it would fall within paragraph (a)(i) or (ii) if—
i
the person’s business or the scheme were a company, and
ii
the interests of persons in the business or scheme were shares in the company.
4
In subsection (5), for “subsection (4)(a)” substitute “determining whether the non-close condition is met”
.
5
After subsection (5A) (as inserted by paragraph 4) insert—
5B
For the purposes of subsection (4C)(a)(ii)—
a
a person is a “direct participator” if the person is a participator for the purposes of Part 10 of CTA 2010 (see section 454), and
b
a person is an “indirect” participator in a company if the person has a share or interest in the capital or income of the company through another body corporate or other bodies corporate.
5C
In determining whether a person is an indirect participator—
a
reference to having a share or interest in the capital or income of a company through a body corporate is to be read in accordance with sub-paragraphs (9) and (10) of paragraph 46 of Schedule 5AAA to TCGA 1992 (meaning of direct or indirect participator), and
6
Section 528 has effect, and is to be deemed always to have had effect, with the amendments made by this paragraph.