CTM60107 - 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:

1. A person who possesses or is entitled to acquire (see CTM60120) share capital or voting rights in the company.
2. A person who is a loan creditor of the company. (As regards the meaning of ‘loan creditor’, see CTM60130.)
3. 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.
4. 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.