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Section 102 Interpretation.

United Kingdom

(1)

In this Part of this Act—

  • “close company” means a company within the meaning of the Corporation Tax Acts which is (or would be if resident in the United Kingdom) a close company for the purposes of those Acts;

  • “participator”, in relation to any company, means any person who is (or would be if the company were resident in the United Kingdom) a participator in relation to that company F1within the meaning given by section 454 of the Corporation Tax Act 2010, other than a person who would be such a participator by reason only of being a loan creditor;

  • “qualifying interest in possession” has the meaning given by section 59 above.

(2)

References in this Part of this Act to a person’s rights and interests in a company include references to rights and interests in the assets of the company available for distribution among the participators in the event of a winding up or in any other circumstances.

Annotations

Textual amendments

F1

S. 102(1): words in definition of "participator" substituted (1.4.2010 with effect as mentioned in s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 1177, 1184, Sch. 1 para. 191 (with Sch. 2)

Notes on the whole Act

Textual amendments

F1

By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.