Corporation Tax Act 2010 section 268

Meaning of "associate"

Section 268 defines who counts as an "associate" of a person for the purposes of the loan relationships rules in Part 5 of the Act, which is relevant to determining connected party relationships under sections 249 and 250.

• An associate includes any relative (spouse, civil partner, ancestor or lineal descendant) or business partner of the person.
• Trustees of any trust where the person, or any of their relatives (whether living or dead), is or was the settlor are also associates.
• Where the person holds an interest in shares or obligations of a company that are held in trust or form part of a deceased person's estate, the trustees or personal representatives are associates.
• If the person is itself a company with an interest in such trust-held or estate shares or obligations, any other company also holding an interest in those same shares or obligations is an associate.