Section 643 | Interpretation of sections 641 and 642

(1)Any question in section 641 or 642 whether a capital sum has been paid—

(a)to the settlor by a body corporate, or

(b)to a body corporate by the trustees,

is determined in the same way as any question under section 633 whether a capital sum has been paid to the settlor by the trustees.

(2)For the circumstances in which a body corporate is treated for the purposes of this Chapter as connected with a settlement, see section 637(8).

(3)In section 641 and this section “associated payment”, in relation to any capital sum paid to the settlor by a body corporate, means—

(a)any capital sum paid to the body by the trustees of the settlement, and

(b)any other sum paid, or asset transferred, to the body by the trustees which is not paid or transferred for full consideration in money or money's worth,

being any sum paid, or asset transferred, in the 5 years ending or beginning with the date on which the capital sum is paid to the settlor.

(4)For the purposes of sections 641 and 642 and this section any capital sum paid by a body corporate, and any associated payment made to a body corporate, at a time when it is (within the meaning of section 449 of CTA 2010) associated with another body corporate may be treated as paid by, or made to, the other body corporate.^F1