Inheritance Tax Act 1984

General U.K.

102 Interpretation. U.K.

(1) In this Part of this Act—

• “close company” means a company within the meaning of the Corporation Tax Acts which is (or would be if resident in the United Kingdom) a close company for the purposes of those Acts;

• “participator”, in relation to any company, means any person who is (or would be if the company were resident in the United Kingdom) a participator in relation to that company [F1 within the meaning given by section 454 of the Corporation Tax Act 2010], other than a person who would be such a participator by reason only of being a loan creditor;

• “qualifying interest in possession” has the meaning given by section 59 above.

(2) References in this Part of this Act to a person’s rights and interests in a company include references to rights and interests in the assets of the company available for distribution among the participators in the event of a winding up or in any other circumstances.

Textual Amendments

F1 S. 102(1): words in definition of "participator" substituted (1.4.2010 with effect as mentioned in s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 1177, 1184, Sch. 1 para. 191 (with Sch. 2)