INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) at that time:
(i) not less than 95% of the accountable shares in the company; or
are or were held by, or held indirectly for the benefit of, prescribed persons; or
(ii) not less than 95% of the accountable interests in shares in the company;
(b) paragraph (a) does not apply but it would nevertheless be reasonable to conclude that, at that time, the risks involved in, and the opportunities resulting from, holding accountable shares, or accountable interests in shares, in the company that are not, or were not, held by, or directly or indirectly for the benefit of, prescribed persons are or were substantially borne by, or substantially accrue or accrued to, prescribed persons. 160APHBB(2) [Matters to be regarded]
(a) regard is to be had to any arrangement in respect of shares (including unissued shares), or in respect of interests in shares, in the company (including any derivatives held or issued in connection with those shares or interests) of which the company is aware; but
(b) no regard is to be had to risks involved in the ownership of shares, or interests in shares, in the company that are substantially borne by any person in the person's capacity as a secured creditor.
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