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Inheritance Tax Act 1984

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Changes over time for: Cross Heading: Close companies

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Changes to legislation:

Inheritance Tax Act 1984, Cross Heading: Close companies is up to date with all changes known to be in force on or before 05 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1Close companiesU.K.

Textual Amendments

F1Sch. A1 inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 10 para. 1 (with Sch. 10 para. 9(2))

9(1)In this Schedule—U.K.

  • 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;

  • references to an interest in a close company are to the rights and interests that a participator in a close company has in that company.

(2)In this paragraph—

  • participator”, in relation to a close 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 within the meaning given by section 454 of the Corporation Tax Act 2010;

  • references to rights and interests in a close 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.]

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