12(1)In paragraph 9(2) (the “no material interest” requirement) “associate”, in relation to an individual, means—U.K.
(a)any relative or partner of that individual,
(b)the trustee or trustees of any settlement in relation to which that individual, or any of the individual’s relatives (living or dead), is or was a settlor, or
(c)where that individual is interested in any shares or obligations of the company mentioned in paragraph 9(2) which are subject to any trust or are part of the estate of a deceased person—
(i)the trustee or trustees of the settlement concerned, or
(ii)the personal representatives of the deceased,
as the case may be.
(2)Sub-paragraph (1)(c) needs to be read with paragraphs 13 and 14 (which relate to employee benefit trusts and discretionary trusts).
(3)In this paragraph—
“relative” means—
(a)spouse [F1or civil partner],
(b)parent, child or remoter relation in the direct line, or
(c)brother or sister;
“settlor” and “settlement” have the same meaning as in [F2Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act)].
Textual Amendments
F1Words in Sch. 4 para. 12(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 172
F2Words in Sch. 4 para. 12(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 619 (with Sch. 2)