Section 411 — Corporation Tax Act 2009: Interpretation of section 409
Text of the provision Official document
Interpretation of section 409 411 1 Section 472 (meaning of “control”) applies for the purposes of section 409 and this section.
2 A person who is a participator in a company which controls another company is treated for the purposes of section 409 as being a participator in that other company also.
3 Subject to that, in section 409 and this section “ participator ”, in relation to a company, means a person who is a participator in the company within the meaning given by section 454 of CTA 2010 , but not a person who is such a participator just because of being a loan creditor of the company.
4 In determining whether a person who carries on the trade of banking is a participator in a company for the purposes of section 409 and this section, securities of the company acquired by the person in the ordinary course of the person's business are ignored.
Official source: legislation.gov.uk
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