Interpretation
268Associated operations
(1)In this Act " associated operations " means, subject to subsection (2) below, any two or more operations of any kind, being—
(a)operations which affect the same property, or one of which affects some property and the other or others of which affect property which represents, whether directly or indirectly, that property, or income arising from that property, or any property representing accumulations of any such income, or
(b)any two operations of which one is effected with reference to the other, or with a view to enabling the other to be effected or facilitating its being effected, and any further operation having a like relation to any of those two, and so on,
whether those operations are effected by the same person or different persons, and whether or not they are simultaneous ; and " operation " includes an omission.
(2)The granting of a lease for full consideration in money or money's worth shall not be taken to be associated with any operation effected more than three years after the grant, and no operation effected on or after 27th March 1974 shall be taken to be associated with an operation effected before that date.
(3)Where a transfer of value is made by associated operations carried out at different times it shall be treated as made at the time of the last of them; but where any one or more of the earlier operations also constitute a transfer of value made by the same transferor, the value transferred by the earlier operations shall be treated as reducing the value transferred by all the operations taken together, except to the extent that the transfer constituted by the earlier operations but not that made by all the operations taken together is exempt under section 18 above.
269Control of company
(1)For the purposes of this Act a person has control of a company at any time if he then has the control of powers of voting on all questions affecting the company as a whole which if exercised would yield a majority of the votes capable of being exercised on them.
(2)For the purposes of this Act shares or securities shall be deemed to give a person control of a company if, together with any shares or securities which are related property within the meaning of section 161 above, they would be sufficient to give him control of the company (as denned in subsection (1) above).
(3)Where shares or securities are comprised in a settlement, any powers of voting which they give to the trustees of the settlement shall for the purposes of subsection (1) above be deemed to be given to the person beneficially entitled in possession to the shares or securities (except in a case where no individual is so entitled).
(4)Where a company has shares or securities of any class giving powers of voting limited to either or both of—
(a)the question of winding up the company, and
(b)any question primarily affecting shares or securities of that class,
the reference in subsection (1) above to all questions affecting the company as a whole shall have effect as a reference to all such questions except any in relation to which those powers are capable of being exercised.
270Connected persons
For the purposes of this Act any question whether a person is connected with another shall be determined as, for the purposes of the [1979 c. 14.] Capital Gains Tax Act 1979, it falls to be determined under section 63 of that Act, but as if in that section " relative " included uncle, aunt, nephew and niece and " settlement ", " settlor " and " trustee " had the same meanings as in this Act.
271Property of corporations sole
References in this Act (except section 59) to property to which a person is beneficially entitled do not include references to property to which a person is entitled as a corporation sole.
272General interpretation
In this Act, except where the context otherwise requires,—
" amount" includes value ;
" barrister " includes a member of the Faculty of Advocates ;
" the Board " means the Commissioners of Inland Revenue ;
" charity " and " charitable " have the same meanings as in the Income Tax Acts ;
" conditionally exempt transfer" shall be construed in accordance with section 30(2) above ;
" disposition " includes a disposition effected by associated operations;
" estate " shall be construed in accordance with sections 5, 55 and 151(4) above ;
" estate duty " includes estate duty under the law of Northern Ireland ;
" excluded property " shall be construed in acordance with sections 6 and 48 above ;
" Government department" includes a Northern Ireland department;
" heritable security " means any security capable of being constituted over any interest in land by disposition or assignation of that interest in security of any debt and of being recorded in the General Register of Sasines;
" incumbrance" includes any heritable security, or other debt or payment secured upon heritage ;
" Inland Revenue charge" means a charge imposed by virtue of section 237 above ;
" land " does not include any estate interest or right by way of mortgage or other security;
" local authority " has the meaning given by section 52 of the [1974 c. 30.] Finance Act 1974 ;
" mortgage" includes a heritable security and a security constituted over any interest in movable property;
" personal representatives " includes any person by whom or on whose behalf an application for a grant of administration or for the resealing of a grant made outside the United Kingdom is made, and any such person as mentioned in section 199(4)(a) above ;
" property" includes rights and interests of any description ;
" purchaser " means a purchaser in good faith for consideration in money or money's worth other than a nominal consideration and includes a lessee, mortgagee or other person who for such consideration acquires an interest in the property in question ;
" reversionary interest" has the meaning given by section 47 above ;
" settlement " and " settled property " shall be construed in accordance with section 43 above ;
" settlor " shall be construed in accordance with section 44 above:
" Special Commissioners" has the same meaning as in the [1970 c. 9.] Taxes Management Act 1970 ;
" tax " means capital transfer tax ;
" the Taxes Act " means the [1970 c. 10.] Income and Corporation Taxes Act 1970;
" trustee" shall be construed in accordance with section 45 above.