Section 371OD | “Relevant interests” of persons related to UK resident companies

(1)This section applies if, by virtue of section 371OC, a UK resident company (“UKRC”) has a relevant interest in a CFC.

(2)A related person's interest in the CFC is a “relevant interest”, except so far as subsection (4) or (5) applies to it.

(3)“Related person” means a person, other than a UK resident company, who is connected or associated with UKRC.

(4)This subsection applies to the related person's interest so far as it is an indirect interest which the related person has by virtue of having an interest in a UK resident company or another related person.

(5)This subsection applies to the interest so far as it is the same as UKRC's relevant interest in the CFC by virtue of UKRC having an interest in the related person.