Taxes Consolidation Act 1997 Schedule 11 paragraph 1

Control

Paragraph 1 of Schedule 11 defines the term "control" for the purposes of the Schedule, by reference to the meaning given in section 432.

• "Control" throughout Schedule 11 carries the same meaning as in section 432
• A company controls another company if it can direct or govern the second company's affairs
• Control also exists where the first company can obtain more than half the second company's shares, voting power, income, or assets on a winding up
• The definition captures both the power to manage a company and the economic entitlement to its value