Related Commentary  Related HMRC Manuals

394(1)  For the purposes of section 393(4)(a) an individual has a material interest in a company if a relevant person meets condition A or B.

394(2)  In this section “relevant person”  means–

(a)the individual, either alone or with one or more associates (see section 395), or

(b)any associate of the individual with or without such other associates.

394(3)  Condition A is that the relevant person is the beneficial owner of, or able directly or indirectly to control, more than 5% of the ordinary share capital of the company.

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