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HMRC internal manual

Capital Gains Manual

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+.