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7(1)Section 809M (meaning of “relevant person” for purposes of sections 809L, 809N and 809O) is amended as follows.U.K.
(2)In subsection (2)(e), insert at the end “or a company which is a 51% subsidiary of such a close company”.
(3)In subsection (3), after paragraph (c) insert—
“(ca)“participator”, in relation to a close company, means a person who is a participator in relation to the company for the purposes of section 419 of ICTA (see sections 417(1) and 419(7) of that Act),
(cb)“51% subsidiary” has the same meaning as in the Corporation Tax Acts (see section 838 of ICTA),”.