There’s something called a “close company”. I get the general drift: something that’s under the control of only a few people, can rather be regarded as an extension of their persons, rather than truly an independent entity, yes?
The tax laws are different. But how are they different?
My assumption is that this is important to the idea of abolishing corporation tax. If we do that then some say that rich peeps will just incorporate and never pay any tax. But isn’t that what this definition of a close company is trying to deal with? If you’re little more than an investment fund for one or a few people, then you get taxed differently anyway?