Part 16

Income Tax Acts definitions etc
Chapter 1

Definitions

Meaning of “connected” persons: supplementary
994
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 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 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.
S. 994 applied by S.I. 2006/964, reg. 69J(10)(a) (as inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5)
S. 994 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 76(3)(a), 82(3)(a), 119, 122
S. 994 applied by SI 2006/964 reg. 14C(10)(a) (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 11)
S. 994 applied (with effect in accordance with reg. 1(2) of the amending S.I.) by The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 3(5)(a)
Words in s. 994(1) substituted (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. 565 (with Sch. 2)
S. 994 applied (1.1.2012) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Investment Trust (Approved Company) (Tax) Regulations 2011 (S.I. 2011/2999), regs. 1(1), 34(3)(a)