Section 1155 — Corporation Tax Act 2010: Indirect ownership of ordinary share capital

Indirect ownership of ordinary share capital 1155 1 For the purposes of this Chapter ordinary share capital is owned indirectly by a body corporate if it is owned through another body corporate or other bodies corporate.

2 References in this Chapter to ownership through a body corporate are to be read in accordance with subsections (3) and (4).

3 Suppose that 3 or more bodies corporate are ordered in a series such that each body in the series (other than the last) owns ordinary share capital of the body immediately below it in the series.

4 If B is a body that is below, but not immediately below, A in the series, A is said to own ordinary share capital of B through each body corporate that is between A and B in the series.

5 Sections 1156 and 1157 contain rules for calculating, for the purposes of this Chapter, the amount of a body corporate's ordinary share capital that another body corporate owns—

a indirectly, or b partly directly and partly indirectly.