Source: HM Revenue & Customs | 08/05/19
A Close Company is broadly defined as a company that is controlled by:
A participator is broadly somebody who has a share or interest in the capital or income of a company, such as having share capital, voting rights or a right to capital on winding up of the company. This can be a shareholder, director or a loan creditor.
Most small private companies will meet the definition of a Close Company and there are some specific tax rules that apply to these companies, for example, where a close company pays for personal expenses of a director, or makes a loan to one of its participators.
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Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest: