Corporation Tax Act 2010 section 454

Participator

Section 454 defines who counts as a "participator" in relation to a company for the purposes of the close company rules.

• A participator is anyone with a share or interest in a company's capital or income, including shareholders, those with voting rights, and loan creditors
• The definition also covers anyone entitled to receive or participate in company distributions, or amounts payable to loan creditors as a redemption premium
• A person who can ensure that a company's income or assets will be applied for their benefit — directly or indirectly — is also a participator, though investment bond arrangements are excluded from this limb
• Future entitlements count: if a person will become entitled to any of these rights at a future date, they are treated as already having that entitlement now