CTM61515 - Close companies: loans to participators and arrangements conferring benefit on participator: meaning of 바카라 사이트˜relevant person바카라 사이트™
CTA10/S455 (6)
The meaning of 바카라 사이트˜relevant person바카라 사이트™ is defined in CTA10/S455 (6) as:
- an individual, or
- a company which is acting in a fiduciary or representative capacity
The singular term 바카라 사이트˜individual바카라 사이트™ also encompasses 바카라 사이트˜individuals바카라 사이트™, (Section 6 Interpretation Act 1978). Equally 바카라 사이트˜relevant person바카라 사이트™ will also encompass 바카라 사이트˜relevant persons바카라 사이트™. See CTM61520 for how this applies to partnerships and CTM61525 for how it applies to trustees (who are individuals).
Because a company acting in a fiduciary or representative capacity (e.g. a corporate trustee) is a relevant person, a loan to such a company which is a participator or an associate of a participator in the close company will be within the charge to tax under Section 455. See CTM61525 for further information on the application of the legislation to loans to trusts.