Part 16Income Tax Acts definitions etc

Chapter 1Definitions

C1C3C2C5C4994Meaning of “connected” persons: supplementary

1

In section 993 and this section—

  • “company” includes any body corporate or unincorporated association, but does not include a partnership (and see also subsection (2)),

  • “control” is to be read in accordance with F1sections 450 and 451 of CTA 2010 (except where otherwise indicated),

  • “principal settlement” has the meaning given by paragraph 1 of Schedule 4ZA to TCGA 1992,

  • “relative” means brother, sister, ancestor or lineal descendant,

  • “settlement” has the same meaning as in Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act), and

  • “sub-fund settlement” has the meaning given by paragraph 1 of Schedule 4ZA to TCGA 1992.

2

For the purposes of section 993—

a

a unit trust scheme is treated as if it were a company, and

b

the rights of the unit holders are treated as if they were shares in the company.

3

For the purposes of section 993 “trustee”, in the case of a settlement in relation to which there would be no trustees apart from this subsection, means any person—

a

in whom the property comprised in the settlement is for the time being vested, or

b

in whom the management of that property is for the time being vested.

Section 466(4) does not apply for the purposes of this subsection.

4

If any provision of section 993 provides that a person (“A”) is connected with another person (“B”), it also follows that B is connected with A.