PART IV CLOSE COMPANIES
Settled property
101 Companies interests in settled property.
1
Where a close company is entitled to an interest in possession in settled property the persons who are participators in relation to the company shall be treated for the purposes of this Act (except section 55) as being the persons entitled to that interest according to their respective rights and interests in the company.
2
Where—
a
the participators mentioned in subsection (1) above include the trustees of a settlement, and
b
a person is beneficially entitled to an interest in possession in the whole or part of the settled property by virtue of which the trustees are participators,
that person shall be treated for the said purposes as beneficially entitled to the whole or corresponding part of the interest to which the trustees would otherwise be treated as entitled under that subsection.