Qualifying Company- Personal Liability of Shareholders towards Income Tax

Shareholders’ personal liability Agreement required for election (1) A person making an election as shareholder as described in section HA 5 must agree for each income year in which the election is in effect, to take personal liability on the basis of their effective interest in the company— (a) for their share of the company’s income tax liability for the income year; and (b )if the company has made an election as shareholder in another company, for any income tax payable in relation to that other company for the income year.