- a business
means anything which—
- a claim
means a claim under section 79 of the Finance Act 1980 (“section 79”) and “relief” means relief under that section (which provided general relief for gifts).
- a disqualifying no gain/no loss disposal
means a UK resident disposal to which section 58, 73 or 258(4) applies.
- a material time
means any time during the period of 6 years beginning on the date of the acquisition of the acquired interest.
- a non-UK resident close company
means a company—
- a qualifying individual
means an individual—
- a qualifying loan
means a loan in the case of which— and for the purposes of paragraph (a) above money used by the borrower for setting up a trade which is subsequently carried on by him shall be treated as used for the purposes of that trade.
- a relevant disposal
means such a disposal as is referred to in subsection (1) above.
- a relevant time
means any time in the period—
- a UK resident disposal
means a disposal by a person (“P”) of an asset which was acquired by P at a time when—
- a wasting asset determination
means a determination whether or not an asset is a wasting asset, as defined for the purposes of Chapter 2 of Part 2 of this Act.
- additional payments
has the same meaning as in section 151N (see subsection (1)(d)(iii) of that section).
- adult placement agency
means an organisation or undertaking— (a) that arranges for the provision of care and support (including accommodation) for persons in need, and (b) in respect of which a requirement to register arises under Article 12 of the Health and Personal Social Services (Quality, Improvement and Regulation) (Northern Ireland) Order 2003, • “adult placement scheme” means a scheme— (a) under which an individual agrees with the person carrying on the scheme to provide care and support (including accommodation) to an adult who is in need of it, and (b) in respect of which a requirement to register arises under section 11 of the Care Standards Act 2000, and • “adult placement service”— (a) in relation to Scotland, has the meaning given by paragraph 11 of Schedule 12 to the Public Services Reform (Scotland) Act 2010, and (b) in relation to Wales, has the meaning given by paragraph 6 of Schedule 1 to the Regulation and Inspection of Social Care (Wales) Act 2016 (anaw 2).
- adult placement scheme
means a scheme— (a) under which an individual agrees with the person carrying on the scheme to provide care and support (including accommodation) to an adult who is in need of it, and (b) in respect of which a requirement to register arises under section 11 of the Care Standards Act 2000, and • “adult placement service”— (a) in relation to Scotland, has the meaning given by paragraph 11 of Schedule 12 to the Public Services Reform (Scotland) Act 2010, and (b) in relation to Wales, has the meaning given by paragraph 6 of Schedule 1 to the Regulation and Inspection of Social Care (Wales) Act 2016 (anaw 2).
- agriculture
includes horticulture, fruit growing, seed growing, dairy farming, the keeping and breeding of livestock (including any creature kept for the production of food, wool, skins or fur, or for the purpose of its use in the farming of land), the use of land as grazing land, meadow land, osier land, market gardens and nursery grounds, and the use of land for woodlands where that use is ancillary to the farming of land for other agricultural purposes, and “agricultural” shall be construed accordingly;
- AIF
has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013, and • “CoACS” means an authorised contractual scheme which is a co-ownership scheme;
- allowable expenditure
means expenditure which immediately before the conversion was attributable to the converted securities under paragraphs (a) and (b) of section 38(1).
- allowance
means any capital allowance or renewals allowance.
- alternative finance arrangements
means—
- amount distributed
means the amount or value of the capital distribution,
- amount otherwise charged
means the total of any chargeable gains attributed to the beneficiary under section 87(2) or 89(2) by virtue of the capital payment.
- an amount of insignificant value
means an amount of value which does not exceed £1,000.
- an appropriate proportion
means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the company concerned.
- appropriate entity
means—
- appropriate proportion
means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the member of the group.
- armed forces accommodation allowance
means an allowance which is exempt from income tax by reason of section 297D of ITEPA 2003.
- arrangements
(except in the expression “double taxation arrangements”) includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), • “double taxation arrangements” means arrangements that have effect under section 2(1) of TIOPA 2010, • “tax” means capital gains tax or corporation tax, • “tax advantage” includes— (a) relief or increased relief from tax, (b) repayment or increased repayment of tax, (c) avoidance or reduction of a charge to tax or an assessment to tax, (d) avoidance of a possible assessment to tax, (e) deferral of a payment of tax or advancement of a repayment of tax, and (f) avoidance of an obligation to deduct or account for tax, and • “treaty shopping case” means a case where this paragraph applies as a result of sub-paragraph (1)(b).
- article
means an article of any description;
- article 36H agreement
has the meaning given by article 36H(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
- asbestos compensation settlement
means a settlement—
- asset
means an asset within the scope of the dormant assets scheme (see section 1(6) of the 2022 Act);
- assets of a pension scheme
means assets held for the purposes of a fund or scheme to which section 271(1)(c) or (1A) applies, and
- associate
has the meaning that would be given by section 448 of CTA 2010 if in that section “relative” did not include a brother or sister;
- associated donation
means an associated donation within the meaning of section 809ZMB of ITA 2007 or section 939FB of CTA 2010;
- assumed annual amount
means the amount which would be the annual exempt for the trustees of the principal settlement on the assumption that no election had been made under paragraph 1 of Schedule 4ZA.
- authorised contractual scheme
has the meaning given by section 237(3) of the Financial Services and Markets Act 2000,... • “co-ownership scheme” has the meaning given by section 235A of that Act, and • “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024.
- Authorised investment fund
has the same meaning as in the Authorised Investment Funds (Tax) Regulations 2006 (SI 2006/964).
- authorised investment fund assets
means assets held by the company for the purposes of its long-term business that consist of— (a) rights under an authorised unit trust, (b) rights under an authorised contractual scheme which is a co-ownership scheme, or (c) shares in an open-ended investment company, • “the manager of the authorised investment fund” means— (a) in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000,...
- authorised person
means a person who—
- authorised reclaim fund
has the same meaning as in the Dormant Assets Acts 2008 to 2022;
- authorised transfer
means a transfer of property consisting of or including any ordinary share capital of a company (“the transferred company”) where— (a) the transferred company meets the trading requirement, and (b) the transfer is made to the trustees of a settlement which— (a) meets the controlling interest requirement with respect to the transferred company immediately after the transfer, and (b) meets the all-employee benefit requirement with respect to the transferred company (ignoring section 236L), and for this purpose references to “C” in sections 236I, 236M and 236T and this section are to be read as references to the transferred company, • “close company” and “participator” have the same meaning as in Part 4 of the Inheritance Tax Act 1984 (see section 102 of that Act), and references to a participator in a company are, in the case of a company which is not a close company, to be construed as references to a person who would be a participator in the company if it were a close company, • “the look-back date” means the first day of the period of 10 years ending with whichever is later of— (a) 10 December 2013, and (b) the day on which any property first became comprised
- authorised unit trust
means, as respects an accounting period, a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that period.
- authority exercising or having compulsory powers
means, in relation to the land transferred, a person or body of persons acquiring it compulsorily or who has or have been, or could be, authorised to acquire it compulsorily for the purposes for which it is acquired, or for whom another person or body of persons has or have been, or could be, authorised so to acquire it.
- beneficiary
means a person within paragraph (a) or (b) of section 86(1) of the Inheritance Tax Act 1984 (trusts for benefit of employees);
- BLAGAB
means basic life assurance and general annuity business.
- bonus shares
means shares which are issued otherwise than for payment (whether in cash or otherwise);
- book value
means the value shown in the partnership’s accounts at the end of the period of account.
- branch or agency
means any factorship, agency, receivership, branch or management, and • “non-UK resident” means a person who is not resident in the United Kingdom.
- building
includes part of a building and references to a building may include references to land occupied therewith and used for the same purposes;
- building society
has the same meaning as in the Building Societies Act 1986;
- business asset disposal relief
has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007),... •................................
- capital allowance
means—
- capital amount
has the same meaning as in Chapter 4 of Part 13 of that Act (sales of occupation income) (see section 777(7) of that Act).
- capital distribution
means any distribution from a company, including a distribution in the course of dissolving or winding up the company, in money or money’s worth except a distribution which in the hands of the recipient constitutes income for the purposes of income tax.
- capital expenditure
means expenditure of a capital nature incurred on, or in connection with, the creation, construction, acquisition, alteration or disposal of an asset, and • “property business” means a UK property business or an overseas property business within the meaning of Part 3 of ITTOIA 2005 (see sections 264 and 265 of that Act).
- capital sum
means any money or money’s worth which is not excluded from the consideration taken into account in the computation of the gain.
- care home
means an establishment that provides accommodation together with nursing or personal care;
- carried interest
has the same meaning as in section 23I of ITTOIA 2005 (see Part 1 of Schedule A1 to that Act), and
- change of membership
means a change effected by Schedule 4 to the 1992 Act whereby a member of the registered society or of a branch of the registered society becomes a member of the incorporated society or of a branch of the incorporated society.
- chargeable assets
means assets on the disposal of which a chargeable gain—
- chargeable payment
has the meaning given in section 1088 of CTA 2010;
- chargeable period
means a year of assessment or an accounting period of a company for purposes of corporation tax;
- chargeable section 119 or 120 holding
means a holding which is a separate holding as a result of section 119(1)(a), (c) or (d) or section 120(1)(a), (c) or (d) of the Finance Act 2012 (and section 121(1) and (2) of that Act), • “internal linked fund”, in relation to an insurance company, means an account— (a) to which assets matched to the company's life assurance liabilities are appropriated by the company, and (b) which may be divided into units the value of which is determined by the company by reference to the value of those assets, and • “section 119 or 120 securities” means securities within the meaning of section 119 or 120 of the Finance Act 2012 (see section 121(6)).
- child
includes a step-child;
- CITR
has the meaning given by section 333 of ITA 2007,
- civil partners
means civil partners who are living together (construed in accordance with section 288(3)),
- close company
includes a company which, if resident in the United Kingdom, would be a close company as defined in section 288.
- closure notice
means a notice under paragraph 32 of Schedule 18 to the Finance Act 1998, • “company tax return” means the return required to be delivered pursuant to a notice under paragraph 3 of that Schedule, as read with paragraph 4 of that Schedule, • “discovery assessment” means an assessment under paragraph 41 of that Schedule, • “notice of enquiry” means a notice under paragraph 24 of that Schedule.
- co-owner
means any person who holds an interest in a dwelling-house jointly with the landowner;
- co-ownership scheme
has the meaning given by section 235A of that Act, and • “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024.
- CoACS
means an authorised contractual scheme which is a co-ownership scheme;
- collateral
means an amount of money or other property which—
- collective investment scheme
has the meaning given by section 235 of the Financial Services and Markets Act 2000(subject to section 99A);
- collective investment vehicle
means—
- commodity or financial futures
means commodity futures or financial futures which are for the time being dealt in on a recognised futures exchange;
- company
includes any body corporate or unincorporated association but does not include a partnership, and shall be construed in accordance with section 99;
- company tax return
means the return required to be delivered pursuant to a notice under paragraph 3 of that Schedule, as read with paragraph 4 of that Schedule, • “discovery assessment” means an assessment under paragraph 41 of that Schedule, • “notice of enquiry” means a notice under paragraph 24 of that Schedule.
- company UK REIT
has the same meaning as in Part 12 of CTA 2010, • “double taxation arrangements” means arrangements having effect under section 2(1) of TIOPA 2010, • “interest in UK land” is to be read in accordance with section 1C, • “the manager”, in relation to a collective investment vehicle, means— (a) any person who is the manager of the property that is the subject of or held by the vehicle, or (b) any other person who has, or is expected to have, day-to-day control of that property, • “multi-vehicle arrangements” has the meaning given by paragraph 7(8);
- component activities
means— (a) if the relevant qualifying business activity is activity A (see section 179(2) of ITA 2007), the carrying on of a qualifying trade, or preparing to carry on such a trade, which constitutes that activity, and (b) if the relevant qualifying business activity is activity B (see section 179(4) of that Act), the carrying on of research and development which constitutes that activity;
- concession
includes any practice, interpretation or other statement in the nature of a concession.
- connected company
means a company which at any time in the relevant period is connected with the issuing company (and it does not matter for this purpose whether that time is a time when the person in question is an officer or employee of either company);
- consideration
means actual consideration, as opposed to consideration deemed to be given by any provision of this Act.
- consumer prices index
means the all items consumer prices index published by the Statistics Board.
- conversion
means conversion within the meaning of section 132 and “exchange” means an exchange which by virtue of Chapter II of this Part does not involve a disposal.
- conversion holdings
means the units in scheme C to be converted in accordance with regulation 12(1)(b) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 into units in the conversion scheme for the purposes of, or in connection with, the scheme of reconstruction.
- conversion of securities
includes any of the following, whether effected by a transaction or occurring in consequence of the operation of the terms of any security or of any debenture which is not a security, that is to say—
- convertible securities
has the same meaning as in Chapter 3 of that Part of ITEPA 2003 (as so substituted).
- cooperative society
means a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 or a similar society established in accordance with the law of a member State...,
- corresponding bonus shares
means bonus shares which—
- corresponding rights
means any rights under the law of a country or territory outside the United Kingdom that correspond or are similar to those within that paragraph.
- cost
means the amount or value of the consideration, in money or money's worth, given by the investing company or on its behalf wholly and exclusively for the acquisition of the ordinary shares or interests in ordinary shares, together with the incidental costs to it of the acquisition;
- court investment fund
means a fund established under section 42 of the Administration of Justice Act 1982.
- debenture
includes any instrument creating or acknowledging indebtedness.
- deductible clogged losses
means losses which would, apart from Part 7ZA of CTA 2010, be deductible under subsection (3) from chargeable gains accruing to the company in an accounting period.
- deed of arrangement
means a deed of arrangement to which an enactment forming part of the law of Scotland or Northern Ireland which corresponds to the Deeds of Arrangement Act 1914 applies, and • “trustee in bankruptcy” includes a trustee in a sequestration under the Bankruptcy (Scotland) Act 2016.
- deemed disposal and reacquisition
means a disposal and immediate reacquisition treated as taking place under any enactment relating to corporation tax;
- dependent child
means a child who—
- dependent relative
means, in relation to an individual—
- deposit arrangements
means arrangements to which section 151L applies,
- depreciatory transaction
means— except that a transaction shall not be treated as a depreciatory transaction to the extent that it consists of a payment which is required to be or has been brought into account, for the purposes of corporation tax on chargeable gains, in computing a chargeable gain or allowable loss accruing to the person making the ultimate disposal.
- derived
has the same meaning as in paragraph 10.
- designated area
means an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964.
- designated HMRC officer
means an officer of Revenue and Customs who has been designated by the Commissioners for Her Majesty's Revenue and Customs for the purpose of revoking elections under paragraph 12.
- diminishing shared ownership arrangements
means arrangements to which section 151K or 151KA applies,
- disabled person
has the meaning given by Schedule 1A to FA 2005.
- discovery assessment
means an assessment under paragraph 41 of that Schedule, • “notice of enquiry” means a notice under paragraph 24 of that Schedule.
- disposal associated with a relevant material disposal
has the meaning given by section 169K, • “disposal of business assets” has the meaning given by section 169I(2), • “disposal of trust business assets” has the meaning given by section 169J, • “employment” has the meaning given by section 4 of ITEPA 2003, • “business asset disposal relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by se
- disposal consideration
means the whole of the consideration obtained on the disposal made by P.
- disposal of a UK residential property interest
has the meaning given by Schedule B1;
- disposal of business assets
has the meaning given by section 169I(2), • “disposal of trust business assets” has the meaning given by section 169J, • “employment” has the meaning given by section 4 of ITEPA 2003, • “business asset disposal relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2
- disposal of trust business assets
has the meaning given by section 169J, • “employment” has the meaning given by section 4 of ITEPA 2003, • “business asset disposal relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007),... •................................
- disposed of
(without more) means disposed of in the disposal concerned.
- disposed of residence
means one of P's residences which was disposed of (in whole or in part) before the date of the disposal mentioned in subsection (1)(a).
- disqualifying payment
means any payment other than—
- domestic premises
means premises used wholly or mainly as a separate private dwelling, • “microgeneration system” means any plant (including any equipment, apparatus or appliance) or system of plant for generating electricity or producing heat— (a) which, in generating electricity or (as the case may be) producing heat, relies wholly or mainly on a source of energy or a technology mentioned in subsection (7) of section 82 of the Energy Act 2004, and (b) whose capacity to generate electricity or (as the case may be) to produce heat does not exceed the capacity mentioned in subsection (8) of that section, • “renewables obligation certificate” means a certificate issued under section 32B of the Electricity Act 1989 or Article 54 of the Energy (Northern Ireland) Order 2003.
- double taxation arrangements
means arrangements that have effect under section 2(1) of TIOPA 2010, • “tax” means capital gains tax or corporation tax, • “tax advantage” includes— (a) relief or increased relief from tax, (b) repayment or increased repayment of tax, (c) avoidance or reduction of a charge to tax or an assessment to tax, (d) avoidance of a possible assessment to tax, (e) deferral of a payment of tax or advancement of a repayment of tax, and (f) avoidance of an obligation to deduct or account for tax, and • “treaty shopping case” means a case where this paragraph applies as a result of sub-paragraph (1)(b).
- dual resident
means a person who is resident... in the United Kingdom and falls to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom;
- dual resident investing company
has the meaning given by section 404 of the Taxes Act;
- earlier relevant qualifying business disposals
means—
- election
means an election under that section;
- eligible beneficiary
has the meaning given by section 169VH(2);
- Eligible employee
has the same meaning as in section 236J.
- eligible shares
has the meaning given by section 289(7) of the Taxes Act or means shares that meet the requirement in section 173 (2) of ITA 2007;
- employee
has the meaning given by section 4 of ITEPA 2003 (as read with section 5(2) of that Act);
- employee shareholder agreement
means an agreement by virtue of which an employee is an employee shareholder (see section 205A(1)(a) to (d) of the Employment Rights Act 1996);
- employee shareholder share
means a share acquired in consideration of an employee shareholder agreement and held by the employee;
- employee trust
means a settlement of property to which section 86 of the Inheritance Tax Act 1984 applies or would apply but for subsection (3) of that section;
- employment
has the meaning given by section 4 of ITEPA 2003, • “business asset disposal relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007),... •................................
- employment income
has the meaning given by section 7(2) of ITEPA 2003;
- employment income amount
means the amount on which the individual was so chargeable.
- employment-related securities
has the same meaning as in Chapters 1 to 4 of Part 7 of ITEPA 2003 (as substituted by Schedule 22 to the Finance Act 2003).
- enactment
includes (in particular) sub-paragraph (1).
- European Economic Interest Grouping
means a grouping registered in a member State and formed in pursuance of Council Regulation (EEC) No. 2137/85 of 25 July 1985 on the European Economic Interest Grouping as it has effect in EU law.
- excess relief
means the amount of the difference between—
- exchange
means an exchange which by virtue of Chapter II of this Part does not involve a disposal.
- excluded indexed security
has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 433).
- excluded participator
means—
- excluded share
has the meaning given by section 169VB;
- exempt distribution
means a distribution which— (a) for the purposes of section 931D of CTA 2009 (exemption from charge to tax: distributions received by companies that are not small), falls within an exempt class by virtue of section 931H of that Act (dividends derived from transactions not designed to reduce tax), or (b) would be within paragraph (a) but for the recipient being a small company (within the meaning of section 931S of that Act) in the accounting period of the recipient in which the distribution was received;
- exempt income
has the meaning given by section 8 of ITEPA 2003;
- exempt Reserved Investor Fund (Contractual Scheme)
means a Reserved Investor Fund (Contractual Scheme) which meets the exempt investor condition in regulation 14 of the Co-ownership Contractual Schemes (Tax) Regulations 2025;
- exempt unauthorised unit trust
has the same meaning as in regulation 3 of the Unauthorised Unit Trusts (Tax) Regulations 2013.
- existing association
means a local constituency association whose area was the same, or substantially the same, as the area of a former parliamentary constituency or 2 or more such constituencies;
- exploration or exploitation activities
means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or a designated area;
- exploration or exploitation asset
means an asset used in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area, and • “designated area” and “exploration or exploitation activities” have the same meanings as in section 276.
- exploration or exploitation assets
means assets used or intended for use in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area;
- exploration or exploitation rights
means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets;
- feeder fund
has the meaning given by paragraph 3(2) of Schedule 5AZA to this Act;
- financial institution
means—
- financial option
means an option which is not a traded option, as defined in paragraph (b) above, but which, subject to subsection (9) below—
- fixed interest security
means any security as defined by section 132, • “preference share” means any share the holder whereof has a right to a dividend at a fixed rate, but has no other right to share in the profits of the company.
- foreign asset
means an asset situated outside the United Kingdom.
- foreign employment election
means a claim under section 41M of ITEPA 2003;
- foreign gain claim
means a claim under paragraph 1 of Schedule D1;
- foreign income claim
means a claim under section 845A of ITTOIA 2005;
- foreign oil concession
means any right to search for or win overseas petroleum, being a right conferred or exercisable (whether or not by virtue of a licence) in relation to a particular area;
- foreign securities
means securities expressed in a currency other than sterling, or shares having a nominal value expressed in a currency other than sterling, or the dividends on which are payable in a currency other than sterling.
- forestry
includes afforestation;
- former parliamentary constituency
means an area which, for the purposes of parliamentary elections, was a constituency immediately before that date but is no longer such a constituency after that date;
- franchise
means a grant from the Crown such as the right to hold a market or fair, or the right to take tolls, and • “land” includes— (a) buildings and structures, and (b) land under the sea or otherwise covered by water.
- freehold
means the estate or interest of the proprietor of the dominium utile or, in the case of property other than feudal property, of the owner, and “reversion” means the interest of the landlord in property subject to a lease.
- funds in court
means— and investments representing such money;
- future
has the meaning given by section 581 of CTA 2009, and • “option” has the meaning given by section 580 of that Act.
- gifts relief
means relief under section 165 or 260;
- gilt-edged securities
means the securities specified in Part II of this Schedule, and such stocks and bonds issued under section 12 of the National Loans Act 1968, denominated in sterling and issued after 15th April 1969, as may be specified by order made by the Treasury.
- grandchild
means a child of a child;
- group
has the same meaning as in that section.
- group of companies
means a company which has one or more 51% subsidiaries together with those subsidiaries, • “joint venture company” means a company— (a) which is a trading company or the holding company of a trading group, and (b) 75% or more of the ordinary share capital of which (in aggregate) is held by not more than 5 persons (the shareholdings of members of a group of companies being regarded for the purposes of this paragraph as held by a single company), • “ordinary share capital” has the meaning given by section 989 of ITA 2007, • “qualifying shareholding”, in relation to a company and a joint venture company, means— (a) the holding by the company of 10% or more of the ordinary share capital of the joint venture company, or (b) (where the company is a member of a group of companies) the holding by the company and the other members of the group (between them) of 10% or more of that ordinary share capital, and • “trade” means... anything which— (a) is a trade, profession or vocation, within the meaning of the Income Tax Acts, and (b) is conducted on a commercial basis and with a view to the realisation of profits.
- group UK REIT
has the same meaning as in Part 12 of CTA 2010.
- held-over gain
means the amount by which, under those sections, and apart from the provisions of this section, any chargeable gain on one asset (“asset No.1”) is reduced, with a corresponding reduction of the expenditure allowable in respect of another asset (“asset No.2”), and
- higher income tax rate
means— (a) the higher rate or the default higher rate, ((ab)) the property higher rate, (b) the savings higher rate, or (c) the dividend upper rate, and • “the unused part of the individual's basic rate band” means the amount by which the basic rate limit exceeds the individual's Step 3 income.
- Holding company
means a company that has one or more 51% subsidiaries.
- home purchase agreement
means an agreement— (a) made with the employer or a person operating under an agreement with the employer (“the purchaser”), (b) which includes a term entitling the individual to receive a share of any such profit as is mentioned in subsection (2)(a);
- housing association
has the same meaning as in the Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by the Regulator of Social Housing, assets acquired by the Regulator in accordance with the same scheme as that land, and in relation to a disposal of land by the Regulator of Social Housing, assets held by the Regulator for the purposes of the same scheme as that land.
- housing regulator
means the Regulator of Social Housing, the Scottish Housing Regulator, the Secretary of State or Scottish Homes;
- if the trading condition had been fulfilled
means, in relation to expenditure of a capital nature on research and development, if, after the expenditure was incurred but before the disposal concerned was made, the person incurring the expenditure had set up and commenced a trade connected with that research and development;
- income deduction
means— (a) a deduction in calculating income for corporation tax purposes, or (b) a deduction from total profits, • “tax advantage” has the meaning given by section 184D.
- indexed base cost
means—
- information
includes anything contained in a return, self-assessment, account, statement or report required to be provided to the Commissioners for Her Majesty's Revenue and Customs or to any officer of Revenue and Customs.
- inheritance tax undertaking
means an undertaking under Chapter II of Part II or section 78 of, or Schedule 5 to, the 1984 Act.
- inspector
means any inspector of taxes;
- intangible asset
means—
- interest in land
means any estate or interest in land, any right in or over land or affecting the use or disposition of land, and any right to obtain such an estate, interest or right from another which is conditional on that other’s ability to grant the estate, interest or right in question, except that it does not include the interest of a creditor (other than a creditor in respect of a rentcharge) whose debt is secured by way of a mortgage, an agreement for a mortgage or a charge of any kind over land, or, in Scotland, the interest of a creditor in a charge or security of any kind over land;
- interest in securities
includes (in particular) an option to acquire securities;
- interest in settled property
means any interest created by or arising under a settlement.
- interest in shares
includes (in particular) an option to acquire shares.
- interest in UK land
has the meaning given by section 1C.
- investing company
has the same meaning as it has for the purposes of Chapter 6A of Part 6 of that Act (shares accounted for as liabilities) (see section 521A(3) of that Act).
- investment bond arrangements
means arrangements to which section 151N applies.
- investment relief
has the same meaning as in Schedule 15 to the Finance Act 2000 (corporate venturing scheme);
- investment trust
has the meaning given by section 1158 of CTA 2010;
- Investment-regulated pension scheme
has the same meaning as in Part 1 of Schedule 29A to the Finance Act 2004.
- investments
includes futures contracts and options contracts;
- joint venture company
means a company— (a) which is a trading company or the holding company of a trading group, and (b) 75% or more of the ordinary share capital of which (in aggregate) is held by not more than 5 persons (the shareholdings of members of a group of companies being regarded for the purposes of this paragraph as held by a single company), • “ordinary share capital” has the meaning given by section 989 of ITA 2007, • “qualifying shareholding”, in relation to a company and a joint venture company, means— (a) the holding by the company of 10% or more of the ordinary share capital of the joint venture company, or (b) (where the company is a member of a group of companies) the holding by the company and the other members of the group (between them) of 10% or more of that ordinary share capital, and • “trade” means... anything which— (a) is a trade, profession or vocation, within the meaning of the Income Tax Acts, and (b) is conducted on a commercial basis and with a view to the realisation of profits.
- land
includes messuages, tenements, and hereditaments, houses and buildings of any tenure;
- legatee
includes any person taking under a testamentary disposition or on an intestacy or partial intestacy, whether he takes beneficially or as trustee, and a person taking under a donatio mortis causa shall be treated (except for the purposes of section 62) as a legatee and his acquisition as made at the time of the donor’s death.
- licence
means any UK licence or foreign oil concession;
- licence-consideration swap
has the meaning given in section 195A(2);
- Life assurance business
has the meaning given in section 56 of the Finance Act 2012.
- limited partner
means— (a) a person carrying on a business as a limited partner in a partnership registered under the Limited Partnership Act 1907, or (b) a person carrying on a business jointly with others who, under the law of a country or territory outside the United Kingdom, is not entitled to take part in the management of the business and is not liable beyond a certain limit for debts or obligations incurred for the purposes of the business;