Section 1157 — Corporation Tax Act 2010: Adding fractions together

Adding fractions together 1157 1 If A and C are bodies corporate and—

a A owns, through one or more bodies corporate (“the intermediaries in the first series”), a fraction of C's ordinary share capital, and b A also owns a further fraction of C's ordinary share capital (or further fractions of C's ordinary share capital), all those fractions are added together to find the amount of C's ordinary share capital that is owned by A.

2 The reference in subsection (1)(b) to a further fraction of C's share capital is to a fraction of C's share capital that A owns—

a directly, or b indirectly but through one or more bodies corporate which do not (together) constitute all of the intermediaries in the first series, or which include a body corporate that is not an intermediary in the first series.