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What is a close company?

A close company is defined, as it is for corporation tax, as a company under the control or ownership of five or fewer participators or of any number of directors who are participators. This includes, for the purposes of IHT, companies resident outside the UK. A participator is a person who in relation to a company has a share or interest in the income or capital of the company.

For a general discussion on close companies, see the Definition of a close company guidance note in the OMB module.

See also the Transfer of assets abroad code guidance note, in regard