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Change 1
As published
246 Calculating percentage direct and indirect ownership interests
(1) To determine the percentage of direct ownership interest an entity or individual (“E”) has in an entity (“F”)—
(a) add together the proportional entitlement of E to the following types of interest that are relevant—
(i) an interest that gives rise to a share of profits of F,
(ii) an interest that gives rise to a share of the capital of F, and
(iii) an interest that gives rise to a share of the reserves of F, and
(b) if—
(i) F issues all of those types of interest and all of those types are relevant, divide the result of paragraph (a) by 3, or
(ii) F only issues 2 of the relevant types of interest or there are only 2 types of interest that are relevant and F issues both of them, divide the result of paragraph (a) by 2.
(2) For the purposes of subsection (1)—
(a) where a provision under which a percentage of ownership interests is to be determined refers to types of interest mentioned in those sub-paragraphs, the types referred to are “relevant”, and
(b) where such a provision does not refer to types of interest mentioned in sub-paragraphs (i) to (iii) of subsection (1)(a), all of those types of interest are “relevant”.
(3) To determine the percentage indirect ownership interest an entity or individual (“G”) has in an entity (“H”)—
(a) determine the percentage indirect ownership interest arising as a result of each stack through which it has an indirect ownership interest in H, and
(b) add those percentage indirect ownership interests for those stacks together.
(4) For the purposes of subsection (3) a “stack” means a chain of entities through which G has an indirect ownership interest in H which is comprised of an entity (“J”) which has a direct ownership interest in H and—
(a) where G has a direct ownership interest in J, G, or
(b) where G does not have a direct ownership interest in J—
(i) G,
(ii) an entity (“K”) which has a direct ownership interest in J and that G has a direct or indirect ownership interest in, and
(iii) where G does not have a direct ownership interest in K, an entity which has a direct ownership interest in K and that G has a direct or indirect ownership interest in, and so on until an entity is reached that G has a direct ownership interest in.
(5) To determine G’s percentage indirect ownership interest in H arising as a result of a stack—
(a) determine, in accordance with subsection (1)—
(i) J’s percentage direct ownership interest in H, and
(ii) the percentage direct ownership interest each other member of the stack has in the member of the stack it has a direct ownership interest in, and
(b) multiply together the percentage direct ownership interests determined under paragraph (a).
Your change, as a redline
246 Calculating percentage direct and indirect ownership interests
(1) To determine the percentage of direct ownership interest an entity or individual (“E”) has in an entity (“F”)—
(a) add together the proportional entitlement of E to the following types of interest that are relevant—
(i) an interest that gives rise to a share of profits of F,
(ii) an interest that gives rise to a share of the capital of F, and
(iii) an interest that gives rise to a share of the reserves of F, and
(b) if—
(i) F issues all of those types of interest and all of those types are relevant, divide the result of paragraph (a) by 3, or
(ii) F only issues 2 of the relevant types of interest or there are only 2 types of interest that are relevant and F issues both of them, divide the result of paragraph (a) by 2.
(2) For the purposes of subsection (1)—
(a) where a provision under which a percentage of ownership interests is to be determined refers to types of interest mentioned in those sub-paragraphs, the types referred to are “relevant”, and
(b) where such a provision does not refer to types of interest mentioned in sub-paragraphs (i) to (iii) of subsection (1)(a), all of those types of interest are “relevant”.
(3) To determine the percentage indirect ownership interest an entity or individual (“G”) has in an entity (“H”)—
(a) determine the percentage indirect ownership interest arising as a result of each stack through which it has an indirect ownership interest in H, and
(b) add those percentage indirect ownership interests for those stacks together.
(4) For the purposes of subsection (3) a “stack” means a chain of entities through which G has an indirect ownership interest in H which is comprised of an entity (“J”) which has a direct ownership interest in H and—
(a) where G has a direct ownership interest in J, G, or
(b) where G does not have a direct ownership interest in J—
(i) G,
(ii) an entity (“K”) which has a direct ownership interest in J and that G has a direct or indirect ownership interest in, and
(iii) where G does not have a direct ownership interest in K, an entity which has a direct ownership interest in K and that G has a direct or indirect ownership interest in, and so on until an entity is reached that G has a direct ownership interest in.
(5) To determine G’s percentage indirect ownership interest in H arising as a result of a stack—
(a) determine, in accordance with subsection (1)—
(i) J’s percentage direct ownership interest in H, and
(ii) the percentage direct ownership interest each other member of the stack has in the member of the stack it has a direct ownership interest in, and
(b) multiply together the percentage direct ownership interests determined under paragraph (a).
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