Corporation Tax Act 2010 section 448

"Associate"

Section 448 defines who counts as an "associate" of a person for the purposes of the close company rules in Part 10 of the Corporation Tax Act 2010.

• An associate includes any relative (spouse or civil partner, parent or ancestor, child or descendant, brother or sister), any business partner, and the trustees of settlements where the person or their relatives are or were settlors.
• Where a person holds an interest in shares or obligations of a company that are held in trust, the trustees of that trust are also associates.
• Where a person holds an interest in shares or obligations of a company forming part of a deceased person's estate, the personal representatives of the deceased are associates.
• Where the person in question is itself a company with an interest in shares or obligations held in trust or in a deceased's estate, any other company sharing that interest is also treated as an associate.