340Meaning of “corporate entity”U.K.
(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.