s 1152 Meaning of “associate”
(1) This section defines “ associate ” for the purposes of section 1151 (valuation: independence requirement). (2) In relation to an individual, “ associate ” means— (a) that individual's spouse or civil partner or minor child or step-child, (b) any body corporate of which that individual is a director, and (c) any employee or partner of that individual. (3) In relation to a body corporate, “ associate ” means— (a) any body corporate of which that body is a director, (b) any body corporate in the same group as that body, and (c) any employee or partner of that body or of any body corporate in the same group. (4) In relation to a partnership that is a legal person under the law by which it is governed, “ associate ” means— (a) any body corporate of which that partnership is a director, (b) any employee of or partner in that partnership, and (c) any person who is an associate of a partner in that partnership. (5) In relation to a partnership that is not a legal person under the law by which it is governed, “ associate ” means any person who is an associate of any of the partners. (6) In this section, in relation to a limited liability partnership, for “director” read “member”.