Corporation Tax Act 2009 section 838

General rule

Section 838 sets out the general rule for attributing rights and powers to a person when determining whether that person has control of, or a major interest in, a company for the purposes of the related party rules on intangible fixed assets.

• A person is treated as having any rights and powers they are entitled to acquire in the future, or will become entitled to acquire in the future
• A person is treated as having other people's rights and powers where those rights or powers must be, or may be, exercised on their behalf, under their direction, or for their benefit
• A person is treated as having the rights and powers of anyone connected with them, including any rights and powers that connected person would themselves be treated as having under these attribution rules
• The attribution of other people's rights and powers does not extend to rights or powers that a lender holds over a borrower's property as security for a loan