Part 12

Supplementary provisions
Chapter 6

Final provisions

General interpretation

Section 575: supplementary
575A
1
In section 575 and this section—
- “
company
” includes any body corporate or unincorporated association, but does not include a partnership (and see also subsection (2)),
- “
control
” is to be read in accordance with
sections 450 and 451 of CTA 2010
(except where otherwise indicated),
- “
principal settlement
” has the meaning given by paragraph 1 of Schedule 4ZA to
TCGA
1992,
- “
relative
” means brother, sister, ancestor or lineal descendant,
- “
settlement
” has the same meaning as in Chapter 5 of Part 5 of
ITTOIA
2005 (see section 620 of that Act), and
- “
sub-fund settlement
” has the meaning given by paragraph 1 of Schedule 4ZA to
TCGA
1992.
2
For the purposes of section 575—
a
a unit trust scheme is treated as if it were a company, and
b
the rights of the unit holders are treated as if they were shares in the company.
3
For the purposes of section 575 “trustee”, in the case of a settlement in relation to which there would be no trustees apart from this subsection, means any person—
a
in whom the property comprised in the settlement is for the time being vested, or
b
in whom the management of that property is for the time being vested.
Section 466(4) of ITA 2007 does not apply for the purposes of this subsection.
4
If any provision of section 575 provides that a person (“A”) is connected with another person (“B”), it also follows that B is connected with A.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Ss. 575, 575A substituted for s. 575 (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 411 (with Sch. 2)
Words in s. 575A(1) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 362 (with Sch. 2)