Section YC 10 — Income Tax Act 2007: Shareholders holding less than 10% direct interests

YC 10 Shareholders holding less than 10% direct interests When this section applies (1) This section applies when— (a) a person has a direct voting interest or direct market value interest of less than 10% in a company (the issuing company ), calculated before section YC 4 , as modified by section YC 11 , is applied: (b) the person is not a company that is associated with the issuing company. Person’s interest treated as held by notional single person (2) The person’s direct voting or market value interest is treated as held by a notional single person that— (a) is not a company; and (b) exists as long as the issuing company exists; and (c) holds all interests in the issuing company to which this section applies; and (d) holds nothing other than voting or market value interests in the company. Overriding look-through rule for corporate shareholders (3) This section overrides section YC 4 . Defined in this Act: associated person , company , direct market value interest , direct voting interest , market value interest , shareholder , voting interest , Compare: 2004 No 35 s OD 5(5)