Part 7Tax treatment of financing costs and income
CHAPTER 10Other interpretative F1and supplementary provisions
340Meaning of “corporate entity”
1
In this Part “corporate entity” means (subject to subsection (4))—
a
a body corporate incorporated under the laws of any part of the United Kingdom or any other country or territory, or
b
any other entity that meets conditions A and B.
2
Condition A is that the person or persons who have an interest in the entity hold shares in the entity, or interests corresponding to shares.
3
Condition B is that the amount of profits to which each person who has an interest in the entity is entitled depends upon a decision that—
a
is taken by the entity or members of the entity, and
b
is taken after the period in which the profits arise.
4
The following are not corporate entities for the purposes of this Part—
a
the Crown,
b
a Minister of the Crown,
c
a government department,
d
a Northern Ireland department, or
e
a foreign sovereign power.
Words in Pt. 7 Ch. 10 heading substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 29, 36(1)