Section 157 | Direct participation

(1)Subsection (2) applies for the purposes of—

(a)this Part (other than for the purposes of section 148A(1)(c)),^F1

(b)in Part 2, section 132(7), ...^F2

(c)in Part 5, section 219(2) , ...^F3F4

(d)in Part 6A, section 259NB(4) , ... , and^F3F5F6F7

(e)in Part 10, section 463(4)...^F5F8

(f)Repealed^F8

(2)A person is directly participating in the management, control or capital of another person at a particular time if (and only if) that other person is at that time—

(a)a body corporate or a firm, and

(b)controlled by the first person.

(3)See also section 162A, which provides for circumstance in which a person will be regarded as having control of another.^F9