CTM60170 - Close companies: tests: trustees, executors, etc

The trustee or trustees of any settlement to which (b) of CTM60150 applies are associates of the participator and therefore any rights or powers which they possess as trustees of that settlement may be attributed to the participator. This does not, however, apply to any rights or powers such trustees possess in other capacities, for example, in relation to shares owned by them personally or as trustees of other settlements of which neither the participator nor any of his or her relatives (living or dead) within (a)(ii) to (iv) of CTM60150 is or was the settlor. You should note that the rights and powers of the settlor and his or her relatives may not be attributed to the settlement trustees under (b) of CTM60150, that is, this association is one way only.

Where (c) of CTM60150 applies, a participator interested by virtue of the trust in shares or obligations of the company which are subject to the trust has as his or her associate only the trustee or trustees of that trust. Any rights and powers they possess as trustees are deemed to belong to him or her but not any rights and powers they possess in any other capacity. As with (b) of CTM60150 the association is one way only.