[554AA Application of Chapter 2: close companies]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[Application: close companies]

[554AA  Application of Chapter 2: close companies]

[(1)     Chapter 2 applies if—

(a)     there is an arrangement (“the relevant arrangement”) to which an individual (“A”) is a party or which otherwise (wholly or partly) covers or relates to A,

(b)     it is reasonable to suppose that, in essence—

(i)     the relevant arrangement, or

(ii)     the relevant arrangement so far as it covers or relates to A,

is (wholly or partly) a means of providing, or is otherwise concerned (wholly or partly) with the provision of, A-linked payments or benefits or loans,

(c)     a close company (“B”) enters into a relevant transaction (see section 554AB),

(d)     it is reasonable to suppose that, in essence—

(i)     the relevant transaction is entered into (wholly or partly) in pursuance of the relevant arrangement, or

(ii)     there is some other connection (direct or indirect) between the relevant transaction and the relevant arrangement,

(e)     at the time B enters into the relevant transaction, or at any earlier time in the 3 years ending with the date of the transaction, A is a director or an employee of B,

(f)     at the time B enters into the

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