Section 847 | Associated persons

(1)This section applies for the purposes of this Chapter.

(2)The following persons are associated with one another—

(a)the transferor in an affected transaction and the transferor in another affected transaction, if the two persons are acting in concert or if the two transactions are in any way reciprocal, and

(b)any person who is an associate of either of those associated transferors.

(3)Two or more bodies corporate are associated with one another if they participate in, or are incorporated for the purposes of, a scheme—

(a)for the reconstruction of any body or bodies corporate, or

(b)for the amalgamation of any two or more bodies corporate.

(4)Persons are associated with one another if they are associates as defined in section 882 (relatives, settlements, persons controlling bodies, joint owners etc).

(5)In subsection (2) “affected transaction” means a transaction within—

(a)section 835(1) or (2) or 836(1) or (2), or

(b)section 681AA(1) or (2) or 681AB(1) or (2) of ITA 2007.