Part 16Income Tax Acts definitions etc
Chapter 1Definitions
C1C2994Meaning of “connected” persons: supplementary
1
In section 993 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 section 416 of ICTA (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 993—
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 993 “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) does not apply for the purposes of this subsection.
4
If any provision of section 993 provides that a person (“A”) is connected with another person (“B”), it also follows that B is connected with A.