The following Owner-Managed Businesses guidance note Produced by Tolley in association with Martin Wilson and Steven Bone provides comprehensive and up to date tax information covering:
Many provisions relating to capital allowances are disapplied or varied where the parties to a transaction are connected.
An individual is connected with a person if that person is:
the individual’s spouse / civil partner
the spouse / civil partner of a relative of the individual or of the individual’s spouse / civil partner
‘Relative’ means a brother, sister, ancestor or lineal descendant. ‘Lineal descendant’ will include any descendant of the spouse by a previous marriage though not a later marriage.
A trustee of a settlement is connected with:
any individual who is a settlor in relation to that settlement
any person who is connected with that settlor
a body corporate which is deemed to be connected with that settlement
A body corporate is deemed to be connected with a settlement in any year of assessment if at any time in that year:
it is a close company (or only not a close company because it is not resident in the UK) and the participators then include the trustees of the settlement, or
it is controlled (within the meaning of CTA 2010, s 1124 by a company falling as above)
Except in relation to acquisitions or disposals of partnership assets pursuant to bona fide commercial arrangements, a person is connected with any person with whom he is in partnership, and with the spouse / civil partner or relative of any individual with whom he is in partnership.
A company (including any body corporate or unincorporated association) is connected with another company if either:
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