CVS: general: qualifying issuing companies - independent individuals rule
Throughout the qualification period a minimum of 20% of the company’s ordinary share capital must be owned by ‘independent individuals’. For this purpose an independent individual is any individual other than one who is a director or employee of the investing company or of any company connected with it, or a relative of such an individual.
A relative for this purpose is a spouse, civil partner, lineal ancestor or lineal descendant.
If a shareholder who is an independent individual dies, the shares will be regarded as owned by an independent individual until they cease to be part of that person’s estate.