Related Commentary  Related HMRC Manuals

395(1)  For the purposes of determining under section 394 whether an individual has a material interest in a company, in that section “associate” , in relation to that individual and company, means–

(a)a relative or partner of the individual,

(b)the trustees of a settlement in relation to which–

(i)the individual is a settlor, or

(ii)a relative of the individual (living or dead) is or was a settlor,

(c)if the individual is interested in any shares or obligations of the company which are subject to a trust, the trustees of the settlement, and

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