- a qualifying time
means—
- a relevant film provision
means any one of sections 137 to 140 of ITTOIA 2005 (relief for certified master versions of films).
- accountancy rental earnings
has the meaning given by section 614AB(1), • “accountancy rental excess” is to be read— (a) for the purposes of Chapter 2, in accordance with section 614BH(1) to (4), and (b) for the purposes of Chapter 3, in accordance with section 614BH(1) to (4) as it has effect as a result of section 614CD, • “asset” means any form of property or rights, • “asset representing the leased asset” is to be read in accordance with section 614DD, • “cumulative accountancy rental excess” is to be read— (a) for the purposes of Chapter 2, in accordance with section 614BH(5), and (b) for the purposes of Chapter 3, in accordance with section 614BH(5) as it has effect as a result of section 614CD, • “cumulative normal rental excess” is to be read— (a) for the purposes of Chapter 2, in accordance with section 614BJ(5), and (b) for the purposes of Chapter 3, in accordance with section 614BJ(5) as it has effect as a result of section 614CD, • “the current lessor”, in relation to a lease of an asset, means the person who is for the time being entitled to the lessor's interest under the lease, • “finance lessor” means a person who for accounting purposes is treated, in accordance w
- accounting period
has the meaning given by section 1119 of CTA 2010, • “close company” includes a company which— (a) is resident in an EEA state..., and (b) if it were UK resident, would be a close company, • “control” has the meaning given by section 450 of CTA 2010, and • “relative” means brother, sister, ancestor or lineal descendant.
- accreditation
means accreditation under section 257JD, and • “regulations” means regulations made by the Treasury.
- accredited social impact contractor
means a company limited by shares that is accredited under this section as a social impact contractor.
- accrued income losses
means losses which under Chapter 2 are treated as made where securities which carry or have carried interest are transferred.
- accrued income profits
means profits which under Chapter 2 are treated as made where securities which carry or have carried interest are transferred.
- Act
has the meaning given by section 990, • “additional rate” means the rate of income tax determined in pursuance of section 6(2)..., • “authorised unit trust” is to be read in accordance with sections 616 and 619 of CTA 2010, • “bank” is to be read in accordance with section 991, • “basic rate” means the rate of income tax determined in pursuance of section 6(2)..., • “basic rate limit” has the meaning given by section 10, • “body of persons” means any body politic, corporate or collegiate and any company, fraternity, fellowship and society of persons whether corporate or not corporate, • “building society” means a building society within the meaning of the Building Societies Act 1986 (c. 53), • “capital allowance” means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two person
- additional payments
has the same meaning as in section 564G (see subsection (1)(d)(iii) of that section).
- additional rate
means the rate of income tax determined in pursuance of section 6(2)..., • “authorised unit trust” is to be read in accordance with sections 616 and 619 of CTA 2010, • “bank” is to be read in accordance with section 991, • “basic rate” means the rate of income tax determined in pursuance of section 6(2)..., • “basic rate limit” has the meaning given by section 10, • “body of persons” means any body politic, corporate or collegiate and any company, fraternity, fellowship and society of persons whether corporate or not corporate, • “building society” means a building society within the meaning of the Building Societies Act 1986 (c. 53), • “capital allowance” means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be r
- administration period
has the meaning given by section 653 of ITTOIA 2005, and • “the applicable rate” means the rate referred to in section 663(1) of ITTOIA 2005 (the applicable rate for grossing up basic amounts of estate income).
- advantage
includes—
- affected transaction
means a transaction within—
- agency fees
means fees and other incidental costs of the disposal that are charged to the transferor by any person by or through whom the disposal is effected, but excluding any such fees or costs that—
- Agricultural estate
means land—
- allied headquarters
means an international military headquarters established under the North Atlantic Treaty,... • “designated” means designated for the purpose in question by or under an Order in Council made for giving effect to an international agreement, and • “the EU civilian staff” means— (a) civilian personnel seconded by a member State to an EU institution for the purposes of activities (including exercises) relating to the preparation for, and execution of, tasks mentioned in Article 43(1) of the Treaty on European Union (tasks relating to a common security and defence policy), as amended from time to time, and (b) civilian personnel (other than locally hired personnel)— (a) made available to the EU by a member State to work with designated international military headquarters or a force of a designated country, or (b) otherwise made available to the EU by a member State for the purposes of activities of the kind referred to in paragraph (a).
- allowable agricultural expenses
has the meaning given by section 123.
- alternative finance arrangements
means—
- alternative finance return
has the meaning given by section 564I and 564L(1) and (2).
- amount A
means the total amount of the tax treated as deducted from the gifts under section 414, and • “amount B” means the total amount of income tax and capital gains tax to which the individual is charged for the tax year (before applying this section).
- amount B
means the total amount of income tax and capital gains tax to which the individual is charged for the tax year (before applying this section).
- amount C
means the sum of— (a) the amount of income tax to which the individual is charged for the tax year, and (b) the amount of capital gains tax to which the individual would be chargeable for the tax year if the following were ignored— • (i) any relief under sections 2 and 6 of TIOPA 2010 • (ii) any relief under section 18(1)(b) and (2) of TIOPA 2010 (relief for foreign tax where no double taxation arrangements).
- an amount of insignificant value
means an amount of value which—
- an election for the new rules to apply
means an election made by a husband and wife who got married before 5 December 2005, or by the civil partners in a civil partnership which results from a relevant conversion, for the new rules to apply to them instead of the old rules.
- appropriate notice
means notice given to an officer of Revenue and Customs by the individual or (in the case of a joint election) individuals concerned that it is intended to make the election.
- approved charitable investment
means an investment—
- Arrangement
includes any scheme, understanding, transaction or series or transactions (whether or not enforceable).
- arrangements
includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
- 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 any form of property or rights, • “asset representing the leased asset” is to be read in accordance with section 614DD, • “cumulative accountancy rental excess” is to be read— (a) for the purposes of Chapter 2, in accordance with section 614BH(5), and (b) for the purposes of Chapter 3, in accordance with section 614BH(5) as it has effect as a result of section 614CD, • “cumulative normal rental excess” is to be read— (a) for the purposes of Chapter 2, in accordance with section 614BJ(5), and (b) for the purposes of Chapter 3, in accordance with section 614BJ(5) as it has effect as a result of section 614CD, • “the current lessor”, in relation to a lease of an asset, means the person who is for the time being entitled to the lessor's interest under the lease, • “finance lessor” means a person who for accounting purposes is treated, in accordance with generally accepted accounting practice, as the person with— (a) the grantor's interest in relation to a finance lease, or (b) the lender's interest in relation to a loan, • “for accounting purposes” means for the purposes of— (a) accounts of companies incorporated in any part of the United Kingdom, or (b) consolidated grou
- assignment
means an assignation, • “estate in land” includes the land, and • “surrender” includes renunciation.
- associate
has the meaning given by section 253, • “company” includes any body corporate or unincorporated association but does not include a partnership, and is to be read in accordance with section 99 of TCGA 1992 (unit trust schemes), • “director” is read in accordance with section 452 of CTA 2010, • “group” means a parent company and its qualifying subsidiaries, • “group company”, in relation to a group, means the parent company or any of its qualifying subsidiaries, • “ordinary shares” means shares forming part of a company's ordinary share capital, • “parent company” means a company that has one or more qualifying subsidiaries and “single company” means a company that does not, • “research and development” has the meaning given by section 1006, and • “shares” includes stock.
- associated company
has the meaning given by section 449 of CTA 2010.
- associated donation
has the same meaning as in section 809ZMB;
- associated operation
has the meaning given in section 719, and
- bad debt deduction
has the meaning given in section 614BL(6).
- bank
has the meaning given by section 991, and • “settlement” has the meaning given by section 620 of ITTOIA 2005.
- basic rate
means the rate of income tax determined in pursuance of section 6(2)..., • “basic rate limit” has the meaning given by section 10, • “body of persons” means any body politic, corporate or collegiate and any company, fraternity, fellowship and society of persons whether corporate or not corporate, • “building society” means a building society within the meaning of the Building Societies Act 1986 (c. 53), • “capital allowance” means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name de
- basic rate limit
has the meaning given by section 10, • “body of persons” means any body politic, corporate or collegiate and any company, fraternity, fellowship and society of persons whether corporate or not corporate, • “building society” means a building society within the meaning of the Building Societies Act 1986 (c. 53), • “capital allowance” means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of
- benefit associated with a gift
has the meaning given by section 417;
- benefit associated with a payment
has the meaning given by section 196 of CTA 2010;
- body
includes an unincorporated association, and • “bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise).
- body of persons
means any body politic, corporate or collegiate and any company, fraternity, fellowship and society of persons whether corporate or not corporate, • “building society” means a building society within the meaning of the Building Societies Act 1986 (c. 53), • “capital allowance” means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of that name determined pursuant to section 6C, • “default hi
- bond issuer
means the person by or through whom bonds were issued, and
- bonus shares
means shares which are issued otherwise than for payment (whether in cash or otherwise), • “civil partner” refers to one of two civil partners who are living together, • “corresponding bonus shares”, in relation to any shares, means bonus shares which— (a) are issued in respect of those shares, and (b) are in the same company, are of the same class, and carry the same rights, as those shares, • “EIS relief” means— (a) EIS income tax relief under Part 5 of this Act, and (b) in relation to shares issued after 31 December 1993 and before 6 April 2007, relief under Chapter 3 of Part 7 of ICTA (enterprise investment scheme), • “excluded company” means a company which— (a) has a trade which consists wholly or mainly of dealing in land, in commodities or futures or in shares, securities or other financial instruments, (b) has a trade which is not carried on on a commercial basis and in such a way that profits in the trade can reasonably be expected to be realised, (c) is a holding company of a group other than a trading group, or (d) is a building society or a registered society, • “group” (except in sections 137 and 142) means a company which has one or more 51% subsidiari
- Branch or agency
means any factorship, agency, receivership, branch or management.
- building society
means a building society within the meaning of the Building Societies Act 1986 (c. 53), • “capital allowance” means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of that name determined pursuant to section 6C, • “default higher rate” means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 201
- business
includes any trade, profession or vocation.
- business day
means, in relation to an investment, a business day in the place where the investment is made, and • “the investment day” means, in relation to an investment, the day on which the investment is made.
- business growth and development
means the growth and development of—
- capital allowance
means any allowance under CAA 2001, • “the Capital Allowances Act” means CAA 2001, • “chargeable gain” has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of that name determined pursuant to section 6C, • “default higher rate” means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specifie
- 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 expenditure
has the meaning given in section 4 of CAA 2001, • “period of account” has the same meaning as in that Act (see section 6(2) to (6) of that Act), and • “property business” has the same meaning as in Part 2 of that Act (see section 16 of that Act).
- Capital gains tax advantage
means—
- Capital payment
means any payment except one which, if made to the lessor—
- capital sum
has the meaning given in section 729, and subsection (4) of that section applies for the purposes of that sub-paragraph as it applies for the purposes of section 729(1).
- central counterparty clearing service
means the service provided by a relevant entity to the parties to a transaction where there are contracts between each of the parties and the relevant entity (in place of, or as an alternative to, a contract directly between the parties), and • “relevant entity”, means any of the following (as defined for the purposes of FISMA 2000 by section 285 of that Act)— (a) a recognised clearing house;
- certificate of deposit
means a document—
- chargeable gain
has the same meaning as in TCGA 1992, • “chargeable period” means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of that name determined pursuant to section 6C, • “default higher rate” means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means t
- chargeable overseas earnings
has the same meaning as in section 22 of ITEPA 2003 (see section 23 of that Act).
- chargeable period
means an accounting period of a company or a tax year, •................................ • “close company” is to be read in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439 of that Act), • “company” has the meaning given by section 992, • “connected”, in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994, • “control”, in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995, • “default additional rate” means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of that name determined pursuant to section 6C, • “default higher rate” means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “divid
- charitable income
means income within section 628(1) or 630(1), • “non-charitable income” means income which is not charitable income, and • “qualifying income” and “UK settlement” have the same meaning as in section 628.”
- charity
includes—
- child
means a person under 21 years of age, • “periodical payment” does not include an instalment of a lump sum, and • “relevant child”, in relation to any two persons, means a child who (not being a child who has been boarded out with them by a public authority or voluntary organisation) has been treated by both of them as a child of their family.
- CITR
has the meaning given by section 333 of ITA 2007, ii references to CITR being attributable to securities, shares or debentures are to be read in accordance with section 357 of that Act, and iii references to securities, shares or debentures having been held by the investor continuously are to be read in accordance with section 380 of that Act, b if the investor is a company— i “CITR” means relief under Part 5 of Schedule 16 to the Finance Act 2002, ii references to CITR being so attributable are to be read in accordance with paragraph 26 of that Schedule, and iii references to securities, shares or debentures having been held by the investor continuously are to be read in accordance w
- civil partner
refers to one of two civil partners who are living together, • “corresponding bonus shares”, in relation to any shares, means bonus shares which— (a) are issued in respect of those shares, and (b) are in the same company, are of the same class, and carry the same rights, as those shares, • “EIS relief” means— (a) EIS income tax relief under Part 5 of this Act, and (b) in relation to shares issued after 31 December 1993 and before 6 April 2007, relief under Chapter 3 of Part 7 of ICTA (enterprise investment scheme), • “excluded company” means a company which— (a) has a trade which consists wholly or mainly of dealing in land, in commodities or futures or in shares, securities or other financial instruments, (b) has a trade which is not carried on on a commercial basis and in such a way that profits in the trade can reasonably be expected to be realised, (c) is a holding company of a group other than a trading group, or (d) is a building society or a registered society, • “group” (except in sections 137 and 142) means a company which has one or more 51% subsidiaries together with that or those subsidiaries, • “holding company” means a company whose business consists w
- claim
includes an election or notice.
- close company
includes a company which— (a) is resident in an EEA state..., and (b) if it were UK resident, would be a close company, • “control” has the meaning given by section 450 of CTA 2010, and • “relative” means brother, sister, ancestor or lineal descendant.
- co-operative
means a common ownership enterprise or a co-operative enterprise as defined in section 2 of the Industrial Common Ownership Act 1976 (c. 78), and • “subsidiary”, in relation to a co-operative, has the same meaning as for the purposes of section 2 of that Act.
- Coal
has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).
- collective investment scheme
has the meaning given by section 235 of FISMA 2000;
- commercial woodlands
means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.
- community benefit society
means a body that— and in respect of which the condition in subsection (2) is met.
- company
has the meaning given by section 1121 of CTA 2010;
- compliance statement
has the meaning given by section 257PB, • “director”— (a) is read in accordance with section 452 of CTA 2010 but as if “company” in that section included a charity that is a trust, and (b) in relation to a charity that is a trust (but subject to section 257LF(9)), includes (in particular) each trustee of the trust, • “disposal”, in relation to any shares or other investments, includes disposal of an interest or right in or over them, • “group” means a parent company and its qualifying subsidiaries, • “group company”, in relation to a group, means the parent company or any of its qualifying subsidiaries, • “ordinary shares” means shares forming part of a company's ordinary share capital, • “parent company” means a company that has one or more qualifying subsidiaries, • “qualifying subsidiary” has the meaning given by section 257MU, and • “single company” means a company that does not have any qualifying subsidiaries.
- component activities
means— (a) if the relevant qualifying activity is within section 291(2), the carrying on of a qualifying trade which constitutes that activity, and (b) if the relevant qualifying activity is within section 291(3), the preparations to carry on a qualifying trade which constitute that activity;
- conditional sale agreement
means an agreement for the sale of goods under which—
- consumer prices index
means the all items consumer prices index published by the Statistics Board.
- contribution
means any kind of contribution, including, for example—
- control
has the meaning given by section 450 of CTA 2010, and • “relative” means brother, sister, ancestor or lineal descendant.
- corresponding bonus shares
means bonus shares which are in the same company, of the same class, and carry the same rights, as the original shares.
- corresponding decree
means any of the following— • a decree absolute of divorce;
- credit
includes a cash loan and any other form of financial accommodation, and • “original lender”, in relation to any credit, means the person who originally provides the credit.
- De minimis aid
means de minimis aid within the meaning of Article 2 of Commission Regulation (EC) No 1998/2006 (de minimis aid).
- debenture
includes any instrument creating or acknowledging indebtedness.
- debentures
includes— (a) debenture stock and bonds (whether constituting a charge on assets or not), and (b) loan stock or notes, • “open-ended investment company” is to be read in accordance with sections 613 and 615 of CTA 2010, • “securities” includes shares and debentures, and • “shares” includes stocks.
- deeply discounted security
has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act), • “disposal”, in relation to a deeply discounted security, has the same meaning as in Chapter 8 of Part 4 of that Act (see section 437(1) of that Act), • “dividend”, in relation to a UK resident company, has the same meaning as in Chapter 3 of Part 4 of that Act (dividends etc from UK resident companies etc) (see section 382(4) of that Act), • “interest” includes anything treated as interest for the purposes of Chapter 2 of Part 4 of that Act (interest), and • “purchased life annuity” has the same meaning as in Chapter 7 of Part 4 of that Act (purchased life annuity payments) (see section 423 of that Act).
- default additional rate
means the rate of income tax of that name determined pursuant to section 6C, • “default basic rate” means the rate of income tax of that name determined pursuant to section 6C, • “default higher rate” means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim”
- default basic rate
means the rate of income tax of that name determined pursuant to section 6C, • “default higher rate” means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 9
- default higher rate
means the rate of income tax of that name determined pursuant to section 6C, • “distribution” has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “g
- deferral relief
has the same meaning as in Schedule 5B to TCGA 1992, • “new holding” and “original shares” have the same meaning as in section 127 of TCGA 1992 (or, as the case may be, that section as applied by the enactment concerned). • “SEIS relief” means relief under Part 5A (seed enterprise investment scheme).
- deposit
means a sum of money paid on terms which mean that it will be repaid (with or without interest)—
- deposit arrangements
means arrangements to which section 564E applies,
- deposit-taker
means—
- designated
means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of that provision.
- diminishing shared ownership arrangements
means arrangements to which section 564D or 564DA applies,
- discretionary employment income payment
means a payment to a person (“the beneficiary”) that—
- disposal-related investment
means any of the following—
- distinct investment
means an investment, made on a single day, in—
- distribution
has the meaning given by Chapters 2 to 5 of Part 23 of CTA 2010, disregarding section 1027A of that Act, • “dividend additional rate” means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income ta
- dividend
includes any distribution (whether or not described as a dividend), and • “security” includes a share (and, in particular, a permanent interest bearing share as defined in section 117 of TCGA 1992).
- dividend additional rate
means the rate of income tax specified in section 8(3), • “dividend income” has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase
- dividend income
has the meaning given by section 19, • “dividend nil rate” means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting
- dividend nil rate
means the rate of income tax specified in section 8(A1), • “dividend ordinary rate” means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “l
- dividend ordinary rate
means the rate of income tax specified in section 8(1), • “dividend trust rate” means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority associ
- dividend trust rate
means the rate of income tax specified in section 9(2), • “dividend upper rate” means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning
- dividend upper rate
means the rate of income tax specified in section 8(2), • “farming” has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see St
- dividends
includes references to other... distributions and to interest, • “securities”— (a) includes shares and stock, and (b) in relation to a company not limited by shares (whether or not it has a share capital) also includes a reference to the interest of a member of the company as such, whatever the form of that interest, • “trading stock” has the meaning given by section 174 of ITTOIA 2005, and •...
- double taxation arrangements
means arrangements which have effect under section 2(1) of TIOPA 2010.
- double taxation relief
means any relief given under or as a result of Part 2 of TIOPA 2010.
- dwelling-house
includes any land occupied or enjoyed with it as its garden or grounds.
- early tax year
means, in relation to an individual carrying on a trade—
- eligible debt security
has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001 (S.I. 2001/3755), • “uncertificated”, in relation to a unit, has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001, • “uncertificated right” means a right in respect of which no certificate of deposit has been issued, although the person for the time being entitled to it is entitled to call for the issue of such a certificate, and • “unit” has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001.
- eligible shares
has the same meaning as in Chapter 3 (see section 285(3A) and (3B)).
- employee benefit trust
has the meaning given by section 550 of ITEPA 2003 except that the reference in section 550(3) of that Act to 13 March 1989 is to be read as a reference to 26 July 1989, and • “relative” means spouse or civil partner, ancestor or lineal descendant or brother or sister.
- employment-related securities
has the meaning given in section 421B(8) of ITEPA 2003, and
- employment-related securities options
has the meaning given in section 471(5) of that Act.
- enactment
includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978.
- entering a new product or geographical market
has the same meaning as in Commission Regulation (EU) No 651/2014 (General block exemption Regulation) as it had effect in the United Kingdom immediately before IP completion day;
- estate in land
includes the land, and • “surrender” includes renunciation.
- estate income
has the same meaning as in Chapter 6 of Part 5 of ITTOIA 2005 (beneficiaries' income from estates in administration) (see section 649(2) of that Act).
- 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.
- excluded activities
has the meaning given by section 192 read with sections 193 to 199, • “group” means a parent company and its qualifying subsidiaries, • “group company”, in relation to a group, means the parent company or any of its qualifying subsidiaries, • “incidental purposes” means purposes having no significant effect (other than in relation to incidental matters) on the extent of the activities of the company in question, • “mainly trading subsidiary” means a subsidiary which, apart from incidental purposes, exists wholly for the purpose of carrying on one or more qualifying trades, and any reference to the main purpose of such a subsidiary is to be read accordingly, • “non-qualifying activities” means— (a) excluded activities, and (b) activities (other than research and development) carried on otherwise than in the course of a trade, • “parent company” means a company that has one or more qualifying subsidiaries, • “qualifying subsidiary” is to be read in accordance with section 191, • “qualifying trade” has the meaning given by section 189, and • “research and development” has the meaning given by section 1006.
- excluded company
means a company which— (a) has a trade which consists wholly or mainly of dealing in land, in commodities or futures or in shares, securities or other financial instruments, (b) has a trade which is not carried on on a commercial basis and in such a way that profits in the trade can reasonably be expected to be realised, (c) is a holding company of a group other than a trading group, or (d) is a building society or a registered society, • “group” (except in sections 137 and 142) means a company which has one or more 51% subsidiaries together with that or those subsidiaries, • “holding company” means a company whose business consists wholly or mainly in the holding of shares or securities of companies which are its 51% subsidiaries, • “investment company” means a company— (a) whose business consists wholly or mainly in the making of investments, and (b) which derives the principal part of its income from the making of investments, but does not include the holding company of a trading group, • “qualifying shares” has the meaning given by section 131(2), • “registered society” means— (a) a registered society within the meaning of the Co-operative and Community Benef
- Excluded payment
means—
- excluded securities
means—
- exempt deposit rights
means—
- expenditure
includes expenditure of a capital nature.
- farming
has the meaning given by section 996, • “for accounting purposes” has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United King
- finance lessor
means a person who for accounting purposes is treated, in accordance with generally accepted accounting practice, as the person with— (a) the grantor's interest in relation to a finance lease, or (b) the lender's interest in relation to a loan, • “for accounting purposes” means for the purposes of— (a) accounts of companies incorporated in any part of the United Kingdom, or (b) consolidated group accounts for groups all the members of which are companies so incorporated, • “lease”— (a) in relation to land, includes an underlease, sublease, tenancy or licence, and any agreement for a lease, underlease, sublease, tenancy or licence and, in the case of land outside the United Kingdom, any interest corresponding to a lease as so defined, and (b) in relation to any form of property or right other than land, means any kind of agreement or arrangement under which payments are made for the use of, or otherwise in respect of, an asset, and “rent” is to be read accordingly, • “the leasing arrangements”, in relation to a lease of an asset, means— (a) the lease, (b) any arrangements relating to or connected with the lease, and (c) any other arrangements of which the lease form
- financial assistance
includes a loan, a guarantee, an indemnity or any form of investment (in each case, whether or not on arm’s length terms);
- financial institution
means—
- financial instrument
includes—
- first commercial sale
has the same meaning as in the European Commission's Guidelines on State aid to promote risk finance investments (as those guidelines had effect in the United Kingdom immediately before IP completion day);
- fixed place of business
includes (without prejudice to the generality of that expression)—
- fixed-rate preference shares
means shares which— and in paragraph (a) “new consideration” has the meaning given by section 1115 of CTA 2010.
- for accounting purposes
has the meaning given by section 997(4), • “foreign employment election” means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-
- foreign employment election
means an election under section 41M of ITEPA 2003, • “foreign gain claim” means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “nor
- foreign gain claim
means a claim under paragraph 1 of Schedule D1 to TCGA 1992, • “foreign income claim” means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31 January f
- foreign income claim
means a claim under section 845A of ITTOIA 2005, • “forestry” is to be read in accordance with section 996, • “generally accepted accounting practice” has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31 January following the tax year, • “notice” means notice in writing or in a form authorised (i
- foreign securities
means securities which are situated outside the United Kingdom.
- foreign tax
means any tax chargeable under the law of a territory outside the United Kingdom.
- free-standing claim
means a claim made as mentioned in subsection (2)(a), and • “tax return claim” means a claim made as mentioned in subsection (2)(b).
- funding bonds
includes any bonds, stocks, shares, securities or certificates of indebtedness (but does not include any instrument providing for payment in the form of goods or services or a voucher).
- gains
includes chargeable gains.
- generally accepted accounting practice
has the meaning given by section 997(1) and (3), • “grossing up” is to be read in accordance with section 998, • “higher rate” means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31 January following the tax year, • “notice” means notice in writing or in a form authorised (in relation to the case in question) by directions under section 43E(1) of TMA 1970, • “offshore installation” has the meaning given b
- gift aid declaration
means a declaration which—
- gift recipient
means a person, other than a relevant person, to whom the individual makes a gift of money or other property that—
- gilt-edged securities
means any securities which—
- goodwill
has the same meaning as in Part 8 of CTA 2009 (see section 715(3));
- gross-paying government securities
means—
- Group
means a parent company and its 51% subsidiaries.
- group accounts
means accounts prepared under—
- health service body
has the meaning given by section 519A of the Taxes Act, and “local authority association” has the meaning given by section 1000 of ITA 2007.”
- heritage body
means a body or charity of a kind mentioned in paragraph 3(1)(a)(ii) of Schedule 4 to IHTA 1984 (maintenance funds for historic buildings etc), • “heritage direction” means a direction under paragraph 1 of that Schedule, • “heritage maintenance property” means any property in respect of which a heritage direction has effect, • “heritage maintenance settlement” means a settlement which comprises heritage maintenance property, and • “property maintenance purpose” means any of the purposes mentioned in paragraph 3(1)(a)(i) of that Schedule.
- heritage direction
means a direction under paragraph 1 of that Schedule, • “heritage maintenance property” means any property in respect of which a heritage direction has effect, • “heritage maintenance settlement” means a settlement which comprises heritage maintenance property, and • “property maintenance purpose” means any of the purposes mentioned in paragraph 3(1)(a)(i) of that Schedule.
- heritage maintenance property
means any property in respect of which a heritage direction has effect, • “heritage maintenance settlement” means a settlement which comprises heritage maintenance property, and • “property maintenance purpose” means any of the purposes mentioned in paragraph 3(1)(a)(i) of that Schedule.
- heritage maintenance settlement
means a settlement which comprises heritage maintenance property, and • “property maintenance purpose” means any of the purposes mentioned in paragraph 3(1)(a)(i) of that Schedule.
- High Commissioner
includes the head of the mission of the country in question by whatever name called.
- higher rate
means the rate of income tax determined in pursuance of section 6(2)..., • “higher rate limit” has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31 January following the tax year, • “notice” means notice in writing or in a form authorised (in relation to the case in question) by directions under section 43E(1) of TMA 1970, • “offshore installation” has the meaning given by sections 1001 and 1002, • “oil and gas exploration and appraisal” has the meaning given by section 1003, • “ordinary share capital”, in relation to a co
- higher rate limit
has the meaning given by section 10, • “hire-purchase agreement” is to be read in accordance with section 998A, • “international accounting standards” has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31 January following the tax year, • “notice” means notice in writing or in a form authorised (in relation to the case in question) by directions under section 43E(1) of TMA 1970, • “offshore installation” has the meaning given by sections 1001 and 1002, • “oil and gas exploration and appraisal” has the meaning given by section 1003, • “ordinary share capital”, in relation to a company, means all the company's issued share capital (however described), other than capit
- hold-over relief
means relief under Schedule 8B to TCGA 1992;
- holding
means any number of shares of the same class held by one individual in the same capacity, growing or diminishing as shares of that class are acquired or disposed of.
- holding company
means a company whose business (ignoring any trade carried on by it) consists wholly or mainly of the holding of shares or securities of one or more companies which are its 75% subsidiaries, • “trading company” means a company whose business consists wholly or mainly of the carrying on of a trade or trades, • “trading group” means a group the business of whose members taken together consists wholly or mainly of the carrying on of a trade or trades (taking a group to consist of a company with one or more 75% subsidiaries and those subsidiaries), and • “unquoted company” means a company none of whose shares is included in the official UK list.
- Holding in a company
means the shares or securities (whether of one class or more than one class) held in any one company.
- husbandry
includes—
- ICTA
means the Income and Corporation Taxes Act 1988 (c. 1), • “IHTA 1984” means the Inheritance Tax Act 1984 (c. 51), • “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003 (c. 1), • “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005 (c. 5), • “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), • “TIOPA 2010” means the Taxation (International and Other Provisions) Act 2010, and • “TMA 1970” means the Taxes Management Act 1970 (c. 9).
- Importation
means the property being brought to, or received or used in, the United Kingdom in circumstances in which section 809L(2)(a) applies.
- incidental purposes
means purposes having no significant effect (other than in relation to incidental matters) on the extent of the activities of the body in question, • “mainly trading subsidiary” means a qualifying subsidiary which, apart from incidental purposes, exists wholly for the purpose of carrying on one or more qualifying trades, and any reference to the main purpose of such a subsidiary is to be read accordingly, • “non-qualifying activities” means— (a) excluded activities, and (b) activities, other than activities carried on by a charity, that are carried on otherwise than in the course of a trade, and • “non-trade activities” means activities which are neither of the following— (a) activities carried on in the course of a trade, and (b) activities carried on in the course of preparing to carry on a trade.
- income tax relief
means relief under— (a) section 63(2)(a), (aa) or (ab) of CAA 2001 (gifts of plant and machinery), so far as it applies in relation to income tax, (b) Part 12 of ITEPA 2003 (payroll giving), (c) section 108 of ITTOIA 2005 (gifts of trading stock), (d) Chapter 2 of Part 8 of this Act (gift aid), or (e) Chapter 3 of that Part (gifts of shares etc);
- independent third party
means a person who—
- individual
includes a Scottish partnership if at least one partner is an individual.
- industrial assurance business
means any industrial assurance business within the meaning given by— a section 1(2) of the Industrial Assurance Act 1923, or b Article 3(1) of the Industrial Assurance (Northern Ireland) Order 1979, which was carried on before 1 December 2001.”
- 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.
- information on pre-arranged exits
means any information indicating the possibility of making, during period B, arrangements of the kind described in paragraph (a), (b), (c) or (d) of subsection (1).
- insignificant receipt
means a receipt whose amount—
- intangible asset
means any asset which falls to be treated as an intangible asset in accordance with generally accepted accountancy practice, • “intellectual property” means— (a) any patent, trade mark, registered design, copyright, design right, performer's right or plant breeder's right, or (b) any rights under the law of a country or territory outside the United Kingdom which correspond or are similar to those falling within paragraph (a).
- intangible assets
means any asset which falls to be treated as an intangible asset in accordance with generally accepted accountancy practice;
- intellectual property
means—
- intellectual property royalty payment
means a payment referred to in section 906(2)(a) or (3)(a);
- interest
includes anything treated as interest for the purposes of Chapter 2 of Part 4 of that Act (interest), and • “purchased life annuity” has the same meaning as in Chapter 7 of Part 4 of that Act (purchased life annuity payments) (see section 423 of that Act).
- interest in land
means (subject to subsection (3))—
- interest payment day
means a day on which interest is payable under the old securities.
- international accounting standards
has the meaning given by section 997(5), • “local authority” has the meaning given by section 999, • “local authority association” has the meaning given by section 1000, • “market gardening” has the meaning given by section 996, • “net income” has the meaning given by section 23 (see Step 2 in that section), • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31 January following the tax year, • “notice” means notice in writing or in a form authorised (in relation to the case in question) by directions under section 43E(1) of TMA 1970, • “offshore installation” has the meaning given by sections 1001 and 1002, • “oil and gas exploration and appraisal” has the meaning given by section 1003, • “ordinary share capital”, in relation to a company, means all the company's issued share capital (however described), other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the company's profits, • “the o
- investment
means a deposit with a deposit-taker.
- investment bond arrangements
means arrangements to which section 564G applies.
- investment company
means a company— (a) whose business consists wholly or mainly in the making of investments, and (b) which derives the principal part of its income from the making of investments, but does not include the holding company of a trading group, • “qualifying shares” has the meaning given by section 131(2), • “registered society” means— (a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, (b) a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, or (c) an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society, • “shares”— (a) includes stock, but (b) does not include shares or stock not forming part of a company's ordinary share capital, • “share loss relief” has the meaning given by section 131(1), • “spouse” refers to one of two spouses who are living together, • “trading company” means a company other than an excluded company which is— (a) a company whose business consists wholly or mainly of the carrying on of a trade or trades, or (b) the holding company of a trading group, • “trading
- investment LLP
means a limited liability partnership— and whether a limited liability partnership is an investment LLP is determined for each period of account of the partnership.
- investment manager
means a person who provides investment management services (which may include or comprise the provision of investment advice).
- investment relief
has the same meaning as in Schedule 15 to FA 2000 (corporate venturing scheme), and
- investment scheme
means—
- investment transaction
means any transaction other than a transaction with an excluded subject matter.
- investment trust
means a company in relation to which conditions A to C in section 1158 of CTA 2010 are met (or treated as met);
- irrecoverable
means irrecoverable other than by legal proceedings or by the exercise of any right granted by way of security for the loan.
- land
includes—
- Lease
includes—
- lease of plant or machinery
means any kind of agreement or arrangement under which sums are paid for the use of, or otherwise in respect of, plant or machinery;
- legatee
includes any person taking (whether beneficially or as trustee)—