Section 994 | Meaning of “connected” persons: supplementary

(1)In section 993 and this section—

“company” includes any body corporate or unincorporated association, but does not include a partnership (and see also subsection (2)),

“control” is to be read in accordance with sections 450 and 451 of CTA 2010 (except where otherwise indicated),

“principal settlement” has the meaning given by paragraph 1 of Schedule 4ZA to TCGA 1992,

“relative” means brother, sister, ancestor or lineal descendant,

“settlement” has the same meaning as in Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act), and

“sub-fund settlement” has the meaning given by paragraph 1 of Schedule 4ZA to TCGA 1992.

(2)For the purposes of section 993—

(a)a unit trust scheme is treated as if it were a company, and

(b)the rights of the unit holders are treated as if they were shares in the company.

(3)For the purposes of section 993 “trustee”, in the case of a settlement in relation to which there would be no trustees apart from this subsection, means any person—

(a)in whom the property comprised in the settlement is for the time being vested, or

(b)in whom the management of that property is for the time being vested.

Section 466(4) does not apply for the purposes of this subsection.

(4)If any provision of section 993 provides that a person (“A”) is connected with another person (“B”), it also follows that B is connected with A.