Section 995 — Income Tax Act 2007: Meaning of “control”

Meaning of “control” 995 1 This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section.

2 In relation to a body corporate (“company A”), “ control ” means the power of a person (“P”) to secure—

a by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or b as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate, that the affairs of company A are conducted in accordance with P's wishes.

3 In relation to a partnership, “ control ” means the right to a share of more than half the assets, or of more than half the income, of the partnership.