Section 411 | Interpretation of section 409

(1)Section 472 (meaning of “control”) applies for the purposes of section 409 and this section.

(2)A person who is a participator in a company which controls another company is treated for the purposes of section 409 as being a participator in that other company also.

(3)Subject to that, in section 409 and this section “participator”, in relation to a company, means a person who is a participator in the company within the meaning given by section 454 of CTA 2010, but not a person who is such a participator just because of being a loan creditor of the company.^F1F2

(4)In determining whether a person who carries on the trade of banking is a participator in a company for the purposes of section 409 and this section, securities of the company acquired by the person in the ordinary course of the person's business are ignored.