Section 237 | Intermediate and partially-owned parent members

(1)A member of a multinational group is a partially-owned parent member of that group if—

(a)it is not a permanent establishment, investment entity or the ultimate parent,

(b)it has—^F1

(i)a direct or indirect ownership interest in another member of the group, or^F1

(ii)a permanent establishment, and^F1

(c)more than 20% of the ownership interests that represent an entitlement to a share of the profits of the member are held by persons that are not members of the group.

(2)A member of a multinational group is an intermediate parent member of the group if—

(a)it is not a permanent establishment, investment entity, a partially-owned parent member or the ultimate parent, and

(b)it has—^F2

(i)a direct or indirect ownership interest in another member of the group, or^F2

(ii)a permanent establishment.^F2