Section IC 4 — Income Tax Act 2007: Common ownership: wholly-owned groups of companies

IC 4 Common ownership: wholly-owned groups of companies Interests held (1) A wholly-owned group of companies means 2 or more companies in relation to which a group of persons holds, for the relevant period,— (a) common voting interests that add up to 100%; and (b) if a market value circumstance exists for a company that is part of a group of companies, common market value interests that add up to 100%. Employees’ share purchase schemes (2) In subsection (1), company shares held by the trustee of, or by employees or former employees of the company as a consequence of the operation of, a share purchase scheme are disregarded to the extent to which they represent voting interests in the company that add up to no more than 3%, or, as applicable, market value interests in the company that add up to no more than 3%. Defined in this Act: common market value interest , common voting interest , company , employee , group of companies , group of persons , market value circumstance , market value interest , share , share purchase scheme , trustee , voting interest , wholly-owned group of companies , Compare: 2004 No 35 s IG 1(3)