Section 172 – Connected persons
374.Subsection (1) provides for the application of section 1122 of the Corporation Tax Act 2010 to determine who are connected persons for this Part.
375.Subsection (2) provides which persons are connected with a collective investment scheme for this Part.
376.Subsection (3) provides that a reference to a collective investment scheme in subsection (2) does not include a unit trust scheme.
377.Subsection (4) defines, for the purposes of subsection (2), what profits or income arising from a scheme means.
378.Subsection (5) sets out that for subsection (2), a person is treated as having anything which they are, or will at a future date, be entitled to acquire.
379.Subsection (6) provides that a person is to be attributed the rights and powers held by any associate (or two or more associates) of that person.
380.Subsection (7) defines “associate” by reference to Part 10 of CTA 2010, but provides that section 448 of that act is to be read so that a person is not an associate of another purely because they are in partnership.
