25Indirect interests

25 Indirect interests (1) For the purposes of regulation 23(k) and (l), an entitlement holder (the ***first entitlement holder***) holds an indirect interest in another entitlement holder if the other entitlement holder is linked to another corporation or trust (the ***directly linked corporation or trust***) in which the first entitlement holder has a direct interest. (2) An entitlement holder is linked to a directly linked corporation or trust if the directly linked corporation or trust is part of a chain of corporation or trusts— (a) that starts with the directly linked corporation or trust; and (b) in which a link in the chain is formed if a corporation or trust has a direct interest in the next corporation or trust. (3) The value of the indirect interest held by the first entitlement holder in the entitlement holder (the ***indirectly linked corporation or trust***) that is linked to the directly linked corporation or trust is calculated by multiplying together the following— (a) the value of the direct interest of the first entitlement holder in the directly linked corporation or trust; and (b) the value of each direct interest that forms a link in the chain of corporations or trusts by which the indirectly linked corporation or trust is linked to the directly linked corporation or trust.