Section 554AE — Income Tax (Earnings and Pensions) Act 2003: Section 554AA: meaning of “material interest”

Section 554AA: meaning of “material interest” 554AE 1 Section 68 (meaning of “material interest” in a company) applies for the purposes of section 554AA and, subject to subsection (2), does so as it applies for the purposes of the benefits code.

2 In section 68 as it applies for the purposes of section 554AA—

a each of the following is to be treated as “an associate” of A—

i a person (“the promoter”) who, for the purposes of Part 5 of FA 2014, is carrying on business as a promoter in relation to the relevant arrangement, and ii where the promoter is a company, any company which is an associated company of the promoter;

b “participator”—

i in relation to a close company, means a person who is a participator in relation to the company for the purposes of section 455 of CTA 2010 (see sections 454 and 455(5) of that Act),

and ii in relation to a company which would be a close company if it were a UK resident company, means a person who would be such a participator if the company were a close company.

3 In subsection (2)(a)(ii) “ associated company ” has the same meaning as it has for the purposes of Part 10 of CTA 2010 (see section 449 of that Act).