Income and Corporation Taxes Act 1988

832 Interpretation of the [F1Corporation Tax Acts etc].U.K.

(1)[F2M1In the Corporation Tax Acts, except] in so far as the context otherwise requires—

• “Act” includes an Act of the Parliament of Northern Ireland and a Measure of the Northern Ireland Assembly;

• F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “authorised unit trust” has the meaning given by section 468(6);

• F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “the Board” means the Commissioners of Inland Revenue;

• “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 M2Building Societies Act 1986;

• “capital allowance” means any allowance under [F5the Capital Allowances Act (including enactments which under this Act are to be treated as contained in that Act)];

• [F6“the Capital Allowances Act” means the Capital Allowances Act 2001;

• “chargeable gain” has the same meaning as in the [F71992] Act;

• “chargeable period” means an accounting period of a company or a year of assessment;

• “close company” has the meaning given by sections 414 and 415;

• “collector” means any collector of taxes;

• “company” means, subject to subsection (2) below, any body corporate or unincorporated association but does not include a partnership, a local authority or a local authority association;

• “distribution” has the meaning given by Part VI with section 418;

• [F8“estate in land”, in relation to any land in Scotland, includes the land;]

• “farm land” means land in the United Kingdom wholly or mainly occupied for the purposes of husbandry, but excluding any dwelling or domestic offices, and excluding market garden land, and “farming” shall be construed accordingly;

• [F9“for accounting purposes” means for the purposes of accounts drawn up in accordance with generally accepted accounting practice;]

• [F10“franked investment income” means income of a company resident in the United Kingdom which consists of a distribution in respect of which the company is entitled to a tax credit (and which accordingly represents income equal to the aggregate of the amount or value of the distribution and the amount of that credit);

• F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F12“generally accepted accounting practice” [F13has the meaning given by section 50(1) of the Finance Act 2004];]

• F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “inspector” means any inspector of taxes;

• F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F18“international accounting standards” has the meaning given by section 50(2) of the Finance Act 2004;]

• [F19F20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F21“local authority association” has the meaning given by section 519;]

• [F22F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• “market garden land” means land in the United Kingdom occupied as a nursery or garden for the sale of the produce (other than land used for the growth of hops) and “market gardening” shall be construed accordingly;

• “notice” means notice in writing [F24F25. . . ];

• [F26“offshore installation” has the meaning given by section 837C;]

• [F27“open-ended investment company", and “authorised corporate director", “owner of shares" and “scheme property" in relation to an open-ended investment company, have the meanings given by subsection (10) of section 468, read with subsections (11) to (18) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997;

• “ordinary share capital”, in relation to a company, means all the issued share capital (by whatever name called) of the company, 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 profits of the company;

• F28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F29“period of account”—

  (a)

  in relation to a person, means any period for which the person draws up accounts, and

  (b)

  in relation to a trade, profession, vocation or other business means any period for which accounts of the business are drawn up;]

• [F30“permanent establishment”, in relation to a company, has the meaning given by section 148 of the Finance Act 2003;]

• F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F32“property investment LLP” has the meaning given by section 842B;]

• “qualifying distribution” has the meaning given by section 14(2);

• “qualifying policy” means a policy of insurance which is a qualifying policy for the purposes of Chapter I of Part VII;

• [F33F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F37“registered pension scheme” has the meaning given by section 150(2) of the Finance Act 2004;]

• [F38F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F40F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F42“scheme administrator”, in relation to a pension scheme, has the meaning given by section 270 of the Finance Act 2004 (but see also sections 271 to 274 of that Act);]

• [F43F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F45F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F45F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F45F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• [F47F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F50“tax credit” means—

  (a)

  a tax credit under section 231 F51. . . ; and

  (b)

  F52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• “trade” includes every trade, manufacture, adventure or concern in the nature of trade;

• [F53“tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal]

• [F54“UK generally accepted accounting practice” has the meaning given by section 50(4) of the Finance Act 2004;]

• [F55F56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “unit holder” has the meaning given by section 468(6);

• [F58“unit trust scheme” has the same meaning as in the Income Tax Acts (see section 1007 of ITA 2007);]

• “year of assessment” means, with reference to any income tax, the year for which such tax was granted by any Act granting income tax;

• “the year 1988-89” means the year of assessment beginning on 6th April 1988, and any corresponding expression in which two years are similarly mentioned means the year of assessment beginning on 6th April in the first-mentioned of those two years;

and a source of income is within the charge to corporation tax or income tax if that tax is chargeable on the income arising from it, or would be so chargeable if there were any such income, and references to a person, or to income, being within the charge to tax, shall be similarly construed.

(2)M3 The definition of “company” is subject to section 468, and does not apply in the following provisions of this Act, that is to say—

• Chapter I of Part XVII;

• sections 774 to 777;

• section 839;

• paragraph 15 of Schedule 3;

(and also does not apply where the context otherwise requires because some other definition of “company” applies).

[F59(2A)Chapter 2 of Part 9 of ITA 2007 (which relates to settlements and trustees) applies for the purposes of the Corporation Tax Acts as it applies for the purposes of the Income Tax Acts.]

(3)M4Except so far as the context otherwise requires, in the Tax Acts, and in any enactment passed after 12th March 1970 which by any express provision is to be construed as one with the Tax Acts, the Corporation Tax Acts or the Income Tax Acts, “tax”, where neither income tax nor corporation tax is specified, means either of those taxes.

(4)F60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F61(4A)Any reference in the [F62Corporation Tax Acts] to franked investment income received by a company apply to any such income received by another person on behalf of or in trust for the company, but not to any such income received by the company on behalf of or in trust for another person.]

(5)F63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]