Part 10Close companies

Chapter 2Basic definitions

Meaning of other expressions in this Part

448“Associate”

(1)

In this Part “associate”, in relation to a person (“P”), means—

(a)

any relative or partner of P,

(b)

the trustees of any settlement in relation to which P is a settlor,

(c)

the trustees of any settlement in relation to which any relative of P (living or dead) is or was a settlor,

(d)

if P has an interest in any shares or obligations of a company which are subject to any trust, the trustees of any settlement concerned,

(e)

if P—

(i)

is a company, and

(ii)

has an interest in any shares or obligations of a company which are subject to any trust,

any other company which has an interest in those shares or obligations,

(f)

if P has an interest in any shares or obligations of a company which are part of the estate of a deceased person, the personal representatives of the deceased, or

(g)

if P—

(i)

is a company, and

(ii)

has an interest in any shares or obligations of a company which are part of the estate of a deceased person,

any other company which has an interest in those shares or obligations.

(2)

In this section, “relative” means—

(a)

a spouse or civil partner,

(b)

a parent or remoter forebear,

(c)

a child or remoter issue, or

(d)

a brother or sister.