F1PART 6AIncome charged under this Act: trading and property allowances
CHAPTER 2Property allowance
Exclusions from relief
783BPExclusion from relief: payments by close company
(1)
No relief under this Chapter is given to an individual for a tax year if—
(a)
the individual has relevant property income for the tax year, and
(b)
the income includes a payment made by, or on behalf of, a close company at a time when the individual is—
(i)
a participator in the close company, or
(ii)
an associate of a participator in the close company.
(2)
In this section “associate” and “participator” have the same meanings as in Part 10 of CTA 2010 (see sections 448 and 454).