BIM60850 - Definitions: Associated persons

The term ‘associated persons’ is used in various parts of the legislation. For example, the legislation applies to persons who are ‘associated’ to the person acquiring, holding or developing the land, and the commencement and transitional provisions legislation applies, where a person disposes of a relevant asset to a person who is ‘associated’ with that person at the relevant time.

The definition of associated person is wider than the definition of related parties. The definition of related person is set out in Section 356OT CTA 2010 and Section 517U ITA 2007.

Companies

For companies a person is associated with the other person if they are connected by virtue of subsections (5)-(7) of Section 1122 CTA 2010, or if one is related to the other.

Individuals

For individuals a person is associated with the other person if they are connected by virtue of subsections (2)–(4) of Section 993 ITA 2007, or if one is related to the other.