You must always attribute the rights and powers of a person's
nominee to that person, that is, any rights or powers which another
person possesses or may be required to exercise on the direction or
on behalf of that person (ICTA88/S416 (5)). This can be contrasted
with the attributions of the rights and powers of associates under
ICTA88/S416 (6) that may be made (see
CTM03750).
Therefore, when you are determining control you always 'look
through' nominees to the beneficial owners. However, you should
note that, whilst a nominee cannot be regarded as having control of
a company, a person may still be a participator in the company by
holding shares in that company as a nominee (for the meaning of
'participator' see
CTM60107).
