Section 995 | Meaning of “control”

(1)This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section.

(2)In relation to a body corporate (“company A”), “control” means the power of a person (“P”) to secure—

(a)by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or

(b)as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,

that the affairs of company A are conducted in accordance with P's wishes.

(3)In relation to a partnership, “control” means the right to a share of more than half the assets, or of more than half the income, of the partnership.