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Corporation Tax Act 2010

Chapter 1: Overview of Part
Section 438: Overview of Part

1321.This section introduces the Part. It is new.

1322.In its present form, the close company legislation in Part 11 of ICTA largely dates back to 1965. The opportunity has been taken to disentangle its structure.

1323.The definitions of the key technical terms are located near the beginning of the Part, in Chapter 2.

1324.Chapter 3 imposes the charge to tax in connection with loans or advances by close companies to participators.

1325.Chapter 4 contains a power to obtain information in connection with close companies.

1326.“Participator” is used for the first time in this Part in subsection (2). Its definition is signposted in subsection (4).

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