VCM91100 - CVS: investors and reliefs: no control conditions

FA00/SCH15/PARA8

A qualifying investing company must not control the company invested in at any time during the qualification period.

바카라 사이트楥ontrol바카라 사이트� is defined for this purpose as in ICTA88/S416(2) to (6), (see CTM60200 onwards), subject to two modifications:

the rights of any person in respect of 바카라 사이트榬elevant preference shares바카라 사이트� (see VCM91110) are ignored,
the rights of any 바카라 사이트榣oan creditor바카라 사이트� (see CTM60130) are ignored - but where the investing company has a loan or holding of loan stock which is convertible into shares, the effect of the entitlement to convert must be taken into account.

Thus in this context the particular tests for control set out in ICTA88/S416 (2) cover the company바카라 사이트檚 possession of, or entitlement to acquire:

the greater part of the issuing company바카라 사이트檚 issued share capital, excluding any which consists of relevant preference shares,
the greater part of the voting power in that company,
such part of that company바카라 사이트檚 issued share capital as would entitle the investing company to receive the greater part of its income if it were all distributed, ignoring for this purpose any entitlement in respect of relevant shares and the income which would be distributed in respect of those shares,
such part of that company바카라 사이트檚 issued share capital as would entitle the investing company to receive the greater part of its assets on a winding up, ignoring for this purpose any rights in respect of relevant preference shares and the assets which would be distributed in respect of those shares.

For the purpose of this requirement there are to be attributed to the investing company:

any rights or powers held by any person 바카라 사이트榗onnected바카라 사이트� with it (see VCM91070),
any rights or powers held by any of its directors (or by any spouse, civil partner, parent or child of such a director), or by any director (or spouse, civil partner etc) of any company connected with it.