Section 1061 | Associated persons: personal representatives

(1)If shares in a company are comprised in the estate of a person who has died then, in relation to the company—

(a)the deceased's personal representatives are associates of any person who is or may become beneficially entitled to a significant interest in the shares, and

(b)any such person is an associate of the personal representatives.

(2)For the purposes of subsection (1) a person's interest is significant if its value is greater than 5% of the value of all the property comprised in the estate concerned, excluding any property in which the person is not and cannot become beneficially entitled to an interest.