Non-resident companies: basic conditions for TCGA92/S13: the company
TCGA92/S13 applies to gains made by companies which
- are not resident in the UK
- would be close companies if they were resident in the UK.
TCGA92/S288(1) provides that for Capital Gains Tax purposes close company has the same meaning as in ICTA88/S414 and ICTA88/S415. In general a company will be a close company if
- it is under the control of five or fewer participators
- it is under the control of participators who are directors.
See CG57221 for the definition of participator.
For further guidance on the definition of close company see CT6001+.