Commentary on Sections Overview Overview Section 157: Direct participation
325.This section explains what is meant by direct participation in the management, control or capital of another person. It is based on section 808B(9) of ICTA, paragraph 4(1) of Schedule 28AA to ICTA and section 85(6) of FA 1999.
326.“Partnership” in paragraph 4(1) is rewritten in subsection (2) as “firm” in accordance with rewrite practice (“firm” is defined for the Part in section 217(8)).