Close companies: tests: participator
CTA2010/S454(1), (2), (3) & (4), S1068 (1), and S1069 (3) (formerly ICTA88/S417 (1))
A participator is any person having a share or interest in the capital or income of the company.
A participator specifically includes the following:
- A person who possesses or is entitled to acquire (see CTM60120) share capital or voting rights in the company.
- A person who is a loan creditor of the company. (As regards the meaning of ‘loan creditor’, see CTM60130.)
- Any person who possesses or is entitled to acquire (see CTM60120) a right to receive or participate in distributions of the company (as defined by CTA2010/S999 to S1031 (formerly ICTA88/S209)) or in any amounts payable by the company (in cash or kind) to loan creditors by way of premium or redemption.
- Any person who is entitled to secure (see CT60120) that income or assets (whether present or future) of the company will be applied directly or indirectly for their benefit.