Section 371QF | Variable shareholdings ^F1

From legislation.gov.uk

17 July 2012

(1)This section applies if the percentage of the issued ordinary shares in the CFC represented by a relevant person's relevant interest varies during the accounting period.^F1

(2)That percentage is taken to be the percentage equal to the sum of the relevant percentages for each holding period.^F1

(3)“Holding period” means a part of the accounting period during which the percentage of the issued ordinary shares in the CFC represented by the relevant person's relevant interest remains the same.^F1

(4)“Relevant percentage”, in relation to a holding period, means the percentage given by the following formula—^F1

Formula

\frac{P \times H}{A}

where—

P is the percentage of the issued ordinary shares in the CFC represented by the relevant person's relevant interest during the holding period,

H is the number of days in the holding period, and

A is the number of days in the accounting period.