Post by sl125 on Jun 9, 2016 7:55:45 GMT
The word "close" does indeed refer to the ownership and control of the company. The
The guidance for CIHCs is in HMRC manual CTM60700, which falls under the broader manual for close companies CTM60000, which defines a close company:
Close companies: general: broad definition
Subject to certain exceptions, a close company is broadly a company:
which is under the control of:
five or fewer participators (see CTM60107), or
any number of participators if those participators are directors, or
more than half the assets of which would be distributed to five or fewer participators, or to participators who are directors, in the event of the winding up of the company - see CTM60320.
The guidance for CIHCs is in HMRC manual CTM60700, which falls under the broader manual for close companies CTM60000, which defines a close company:
Close companies: general: broad definition
Subject to certain exceptions, a close company is broadly a company:
which is under the control of:
five or fewer participators (see CTM60107), or
any number of participators if those participators are directors, or
more than half the assets of which would be distributed to five or fewer participators, or to participators who are directors, in the event of the winding up of the company - see CTM60320.
