| 单词 | close company |
| 释义 | close company close company a UK resident company that is controlled by five or fewer participators, by participators who are directors or by five or fewer persons to whom over 50 per cent of the assets could be dis- tributed on a notional winding up. The consequences of close com- pany status are now that for CORPORATION TAX purposes a wider def- inition of distribution (e.g. loans to directors) applies. Until the Finance Act 1989 such companies were required to make distribu- tions up to 'the required standard', with any shortfall being treated as having been distributed and, as such, taxable as if it were income in the hands of the shareholders. |
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