Modifications etc. (not altering text)
C1Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)
(1)If shares in a company are comprised in the estate of a person who has died then, in relation to the company—
(a)the deceased's personal representatives are associates of any person who is or may become beneficially entitled to a significant interest in the shares, and
(b)any such person is an associate of the personal representatives.
(2)For the purposes of subsection (1) a person's interest is significant if its value is greater than 5% of the value of all the property comprised in the estate concerned, excluding any property in which the person is not and cannot become beneficially entitled to an interest.