Income Tax Act 2007 section 253

Meaning of "associate"

Section 253 defines who counts as an "associate" of a person for the purposes of the Enterprise Investment Scheme and related provisions in Part 5 of the Income Tax Act 2007.

• An associate includes any relative (spouse, civil partner, ancestor or lineal descendant) or business partner of the person.
• Trustees of any settlement where the person, or any relative of the person (whether living or dead), is or was a 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 relevant trustees or personal representatives are associates.
• If the person is itself a company with such an interest, any other company that also has an interest in those same shares or obligations is an associate.