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Paragraph 31

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In paragraph 28(2) (the “no material interest” requirement) “associate”, in relation to an individual, means—

(a)

any relative or partner of that individual,

(b)

the trustee or trustees of any settlement in relation to which that individual, or any of that individual’s relatives (living or dead), is or was a settlor, and

(c)

where that individual is interested in any shares or obligations of the company mentioned in paragraph 28(2) which are subject to any trust, or are part of the estate of a deceased person—

(i)

the trustee or trustees of the settlement concerned, or

(ii)

the personal representatives of the deceased,

as the case may be.

(2)

Sub-paragraph (1)(c) needs to be read with paragraphs 32 and 33 (which relate to employee benefit trusts and discretionary trusts).

(3)

In this paragraph—

  • “relative” means—

    1. (a)

      spouse F1or civil partner, or

    2. (b)

      parent, child or remoter relation in the direct line;

  • “settlor” and “settlement” have the same meaning as in F2Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act).

Annotations

Textual amendments

F1

Words in Sch. 5 para. 31(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 173

F2

Words in Sch. 5 para. 31(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 620(3) (with Sch. 2)

Notes on Schedule 5

Modifications

C1

Sch. 5 modified (18.3.2026) by Finance Act 2026 (c. 11), s. 16

C2

Sch. 5 modified (6.4.2026) by Finance Act 2026 (c. 11), s. 13(10)