Companies Act 2014 section 1054

Notification of family and corporate interests

Section 1054 sets out how share interests held by family members and controlled companies are attributed to a person for the purposes of the disclosure requirements in sections 1047 to 1053.

• A person is treated as having an interest in any shares held by their spouse, civil partner or child, including a civil partner's child who ordinarily resides with them
• A person is also treated as interested in shares held by a company if that company or its directors habitually act on the person's directions, or if the person controls one-third or more of the voting power at that company's general meetings
• Where a chain of companies exists, the attributed interest passes back along the chain provided the one-third voting power link is maintained between each company in the chain
• A person is considered to have voting power if they hold an option or right (whether conditional or not) or are under an obligation whose fulfilment would give them that voting power