Section 158 | Activities other than trades, and interpretation.
From legislation.gov.uk
(1)Sections 152 to 157 shall apply with the necessary modifications—
(a)in relation to the discharge of the functions of a public authority, and
(b)in relation to the occupation of woodlands where the woodlands are managed by the occupier on a commercial basis and with a view to the realisation of profits, and
(c)in relation to a profession, vocation, office or employment, and
(d)in relation to such of the activities of a body of persons whose activities are carried on otherwise than for profit and are wholly or mainly directed to the protection or promotion of the interests of its members in the carrying on of their trade or profession as are so directed, and
(e)in relation to the activities of an unincorporated association or other body chargeable to corporation tax, being a body not established for profit whose activities are wholly or mainly carried on otherwise than for profit, but in the case of assets within head A of class 1 only if they are both occupied and used by the body, and in the case of other assets only if they are used by the body, andF1
(f)in relation to the activities of a company owned by such an unincorporated association or other body (“the parent body”), but in the case of any assets within head A of class 1 only if they are both occupied and used by the parent body, and in the case of any other assets only if they are used by the parent body,F1
as they apply in relation to a trade.
(1A)For the purposes of subsection (1)(f) the parent body owns the company if—F2
(a)it holds not less than 90% of the company’s ordinary share capital,F2
(b)it is beneficially entitled to not less than 90% of the profits available for distribution to the equity holders of the company, andF2
(c)it would be beneficially entitled on a winding up to not less than 90% of the assets of the company available for distribution to equity holders.F2
(1B)For the purposes of subsection (1A)—F2
(a)“ordinary share capital” has the meaning given by section 832(1) of the Taxes Act and also includes, in relation to a company that has no share capital, any interests in the company possessed by members of the company, andF2
(b)the meaning of “equity holder” and method of determination of profits or assets available for distribution shall be that prescribed for the purposes of paragraph 8 of Schedule 7AC by sub-paragraphs (2) and (3) of that paragraph.F2
(2)In sections 152 to 157 and this section the expressions “trade”, “profession”, “vocation”, “office” and “employment” have the same meanings as in the Income Tax Acts, ... .F3
(3)Sections 152 to 157 and this section shall be construed as one.