Related Commentary  Related HMRC Manuals

942(1)  The options referred to in section 941(6) are as follows (with references in the options to “the trading company” being to the company to which the interest in the trade belongs as mentioned in that subsection).

Option 1

The interest in the trade is taken to belong to the persons owning the ordinary share capital of the trading company in proportion to the amount of their holdings of that capital.

Option 2

This option can be applied if the trading company is the subsidiary of another company (see subsection (2)).

The interest in the trade is taken to belong to–

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