ihta84/s102.- Interpretation.

[1975 s.39(6), Sch.5
para.24(6); 1982 s.99(5)]

102. (1) In this Part of this Act -

"close company" means a company within the meaning of the Corporation Tax Acts which is (or would be if resident in the United Kingdom) a close company for the purposes of those Acts;

"participator", in relation to any company, means any person who is (or would be if the company were resident in the United Kingdom) a participator in relation to that company for the purposes of [Chapter I of Part XI of the Taxes Act 1988 ¹ ], other than a person who would be such a participator by reason only of being a loan creditor;

"qualifying interest in possession" has the meaning given by section 59 above.

[1975 s.39(8).]

(2) References in this Part of this Act to a person's rights and interests in a company include references to rights and interests in the assets of the company available for distribution among the participators in the event of a winding up or in any other circumstances.

1 Substituted by 1988(T), Sch.29, para.32. Originally "Chapter III of Part XI of the Taxes Act".