Section 162A | Agreements for common management

(1)Where a person (“A”) and another person (“B”) are the subject of common management arrangements, each of A and B is to be treated, for the purposes of this Chapter, as having control of the other.

(2)Common management arrangements means arrangements that—

(a)result in the management of A and B by the same person or group of persons, and

(b)include a mechanism that it is reasonable to suppose is intended to secure that the economic interests of shareholders in A and B being aligned.

(3)In this section “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions, whether or not legally enforceable.