(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 for the purposes of [F1Chapter I of Part XI of the Taxes Act 1988], 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 Substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“Chapter III of Part XI of the Taxes Act”.