CTM60210 - Close companies: tests: control - definition
CTA2010/S450, S451 and S1069(3) (formerly ICTA88/S416 (2), (3), (5) & (6))
Control is defined under several headings:
- Control over the affairs of the company (see CTM60220).
- Control through voting power (see (1) of CTM60220).
- Control through share capital or through issued share capital (see (2) of CTM60220).
- Control over income of the company (see (3) of CTM60220).
- Control over assets of the company (see (4) of CTM60220).
If a person or two or more persons together satisfy any of the conditions in CTM60220 and CTM60230, he, she or they have control of the company.
In determining whether any person (or persons) has control, the rights and powers of certain other persons may be attributed to them. In determining the rights, etc, attributed to any person, CTM60140 to CTM60170 apply with the substitution of ‘person’ for ‘participator’.