5For purposes of the provisions of this Act relating to close companies, including this Schedule, " associate " means, in relation to a participator.—
(a)a person in any of the following relationships to the participator, that is to say, husband or wife, parent or remoter forebear, child or remoter issue, brother or sister, and partner;
(b)the trustee or trustees of any settlement in relation to which the participator is, or any such relative of his (living or dead) as is mentioned in sub-paragraph (a) above is or was, a settlor (" settlement " and " settlor " here having the same meaning as in Chapter III of Part XVIII of the [1952 c. 10.] Income Tax Act 1952, and " relative " including a husband or wife);
(c)where the participator is interested in any shares or obligations of the company which are subject to any trust or are part of the estate of a deceased person, any other person interested therein;
and has a corresponding meaning in relation to a person other than a participator.