The Inland Revenue says any gain is apportioned on the basis of 'beneficial ownership'.

Broadly, the 75 per cent relationship refers to the beneficial ownership of the subsidiary company's issued ordinary share capital.

"You don't feel that gave Towers a beneficial ownership of the shares?"

Ownership of securities in this fashion is called beneficial ownership.

The Annual Statement of beneficial ownership of securities is on Form 5.

That conclusion, however, has been contested by those who believe beneficial ownership by the last surviving member is more appropriate.

Mr. Murdoch would retain beneficial ownership of the station, but would lose day-to-day control.

The assets of the company are held in beneficial ownership for its staff.

This device separated legal from beneficial ownership.

Mr. Greenberg has 8.3 percent beneficial ownership of Starr International.