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HMRC internal manual

Company Taxation Manual

Close companies: tests: 'interested in'

The words ‘interested in’ have a wide meaning and, for example, where shares are held by trustees, the trustees, the beneficiaries and the remainderman (if any) of the trust are interested in the shares. Where shares are held by trustees under a will for persons in succession, the life tenant and the remainderman, as well as the trustees, are interested in the shares. (See, in this connection, CIR v Park Investments Ltd 43TC200, particularly the judgment of Danckwerts L J at page 225, CIR v Tring Investments Ltd 22TC679, and Alexander Drew and Sons Ltd v CIR 17TC140.)

The executors or administrators are interested in the assets of a deceased person’s estate during the period of administration (Willingale v Islington Green Investment Co 48TC547). The beneficiaries should be regarded as interested in any assets of the estate from which they may benefit.