Between them, several shareholders held all the shares of a company, but each owned less than thirty per cent. They claimed BES relief. The tax inspector asserted that they were deemed to be associates of each other under the section, and that accordingly each had an interest in more than thirty per cent of the company, and the relief was not available. The definition of ‘associate’ was not to be artificially restricted.
Citations:
Times 16-Jan-2001, [2000] EWCA Civ 309
Links:
Statutes:
Income and Corporation Taxes Act 1988 417(3) 291(8)
Jurisdiction:
England and Wales
Income Tax, Company
Updated: 31 May 2022; Ref: scu.147342