CG53009 - Substantial shareholdings exemption: interpretation - interest in shares
TCGA92/SCH7AC/PARA29
Paragraph 29 Schedule 7AC TCGA 1992 explains what is meant for the purposes of the substantial shareholdings exemption legislation by an 鈥榠nterest in shares鈥�. References to an interest in shares are to an interest as co-owner of the shares. It does not matter whether the shares are owned jointly or in common. Nor does it matter whether the co-owners have equal or unequal interests in the shares.
Where shares are held through a partnership (including a Limited Liability Partnership where TCGA92/S59A applies) then paragraph TCGA/SCH7A/PARA8(1) means that shares are treated as being held based on the proportionate interest in the partnership, see CG45110.