Income Tax Act 2007 section 257TC

Meaning of "associate"

Section 257TC defines who counts as an "associate" of a person for the purposes of the social investment tax relief rules in Part 5B, and also defines the term "relative".

• 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 has an interest in shares or obligations of a company held in a trust or deceased's estate, the trustees or personal representatives are associates, and if the person is itself a company, any other company with an interest in those same shares or obligations is also an associate.
• The definition of "relative" is limited to spouse, civil partner, ancestor or lineal descendant — it does not extend to siblings, aunts, uncles or cousins.