Taxation of Chargeable Gains Act 1992 Schedule 7ZA paragraph 26

Other interpretation provisions

Section 26 of Schedule 7ZA provides additional definitions and interpretation rules used throughout the Schedule, covering the meaning of key terms, the scope of voting rights, and how partnership assets are to be treated.

• Terms defined in section 165A(14) of TCGA 1992 (such as "holding company", "trading company" and "trading group") carry the same meaning when used in this Schedule.
• Holding voting rights includes situations where a person can control how another person exercises their voting rights, not just direct ownership of those rights.
• For Part 3 purposes, assets of a Scottish partnership (or an equivalent partnership under foreign law where assets are regarded as held by or on behalf of the partnership) are treated as held by the individual partners in proportion to their entitlement to share in the capital profits of the partnership.
• Any reference in Part 3 to a person's interest in partnership assets is to be read in line with this proportional treatment.