[F13BParticipators and their interestsU.K.
(1)“Participator” has the meaning given by section 454 of CTA 2010.
(2)Any reference to a person's interest as a participator in a company is to the interest in it represented by all the factors by reference to which the person is a participator.
(3)Any reference to the extent of a person's interest as a participator in a company is to such proportion of the interests as participators of all of the company's participators as, on a just and reasonable basis, is represented by that interest.
(4)If—
(a)the interest of a person in a company is wholly or partly represented by an interest under a settlement (“the beneficial interest”), and
(b)the beneficial interest is the factor (or one of them) by reference to which the person would, apart from this subsection, have an interest as a participator in the company,
that interest as a participator is, so far as represented by the beneficial interest, to be treated instead as the interest of the trustees of the settlement.
(5)If—
(a)exempt assets of a pension scheme are taken into account in ascertaining a person's interest as a participator in a company, and
(b)if those assets were ignored, an amount in respect of a gain accruing to the company would not be apportioned to the person as a result of section 3,
no amount in the respect of the gain is to be apportioned to the person as a result of that section.
(6)For this purpose—
(a)“assets of a pension scheme” means assets held for the purposes of a fund or scheme to which section 271(1)(c) or (1A) applies, and
(b)those assets are “exempt” if, at the time when the gain accrues, a disposal of those assets would be exempt from tax as a result of either of those provisions.
(7)This section applies for the purposes of section 3.]
Textual Amendments
F1Pt. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 2