[421A Meaning of “participating interest”]
[421A Meaning of “participating interest”]

[421A  Meaning of “participating interest”]

[(1)     In section 421 a “participating interest” means an interest held by an undertaking in the shares of another undertaking which it holds on a long-term basis for the purpose of securing a contribution to its activities by the exercise of control or influence arising from or related to that interest.

(2)     A holding of 20% or more of the shares of an undertaking is presumed to be a participating interest unless the contrary is shown.

(3)     The reference in subsection (1) to an interest in shares includes—

(a)     an interest which is convertible into an

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