Section 1061 Associated persons: personal representatives

(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.

Notes on Part 23

Modifications

C1: Pt. 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)