BIM86038 | TMIA - Exclusions: Close Companies

S783AQ ITTOIA 2005

No relief is due to an individual for a tax year if the individual has relevant income for the tax year and the relevant income includes a payment made by, or on behalf of, a close company at a time when the individual is either:

• a participator in the close company, or

• an associate of a participator in the close company

The words "associate" and "participator" above have the same definitions as set out in Part 10 of CTA 2010.

Detailed guidance on these terms can be found in the company taxation manual at CTM60100.