Section 371VA | Definitions
From legislation.gov.uk
“accounting period”, in relation to a CFC, is to be read in accordance with section 371VB,
“accounting profits”, in relation to a CFC, is to be read in accordance with sections 371VC and 371VD,
“arrangement” includes—
(a)any agreement, scheme, transaction or understanding (whether or not legally enforceable), and
(b)a series of arrangements or a part of an arrangement,
“assumed taxable total profits”, in relation to a CFC, is to be read in accordance with section 371SB(1) to (6),
“assumed total profits”, in relation to a CFC, is to be read in accordance with section 371SB(9), subject to section 371DA(2),
“banking business” means the business of—
(a)banking, deposit-taking, money-lending or debt-factoring, or
(b)any activity similar to an activity falling within paragraph (a),
“CFC” is to be read in accordance with section 371AA(3), subject to sections 371RC and 371RE(2) and regulations under section 371RF(4),
“the CFC charge” is to be read in accordance with section 371AA(1),
“chargeable company”, in relation to a CFC's accounting period, means a company which is a chargeable company for the purposes of step 4 in section 371BC(1),
“chargeable profits”, in relation to a CFC, is to be read in accordance with section 371BA(3),
“company” is to be read subject to section 371VE,
“company tax return” means a return required to be made under Schedule 18 to FA 1998,
“contract of insurance” has the meaning given by article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001,
“control” is to be read in accordance with sections 371RB and 371RE, subject to section 371RF,
“the corporation tax assumptions” is to be read in accordance with section 371SC,
“creditable tax”, in relation to a CFC, is to be read in accordance with section 371PA,
“the HMRC Commissioners” means the Commissioners for Her Majesty's Revenue and Customs,
“insurance business” means the business of effecting or carrying out of contracts of insurance, including the investment of premiums received,
“intellectual property” means—
(a)any patent, trade mark, registered design, copyright or design right, or
(b)any licence or other right in relation to anything falling within paragraph (a),
“interest”, as in an interest in a company, is to be read in accordance with section 371VH,
“the local tax amount”, in relation to a CFC, means the amount of tax determined at step 2 in section 371NB(1),
“non-trading finance profits” is to be read in accordance with section 371VG,
“non-trading income” means income which is not trading income,
“property business profits” is to be read in accordance with section 371VI,
“relevant finance lease” is to be read in accordance with section 371VIA,
“relevant interest” is to be read in accordance with Chapter 15,
“tax advantage” has the meaning given by section 1139 of CTA 2010,
“trading finance profits” is to be read in accordance with section 371VG,
“trading income”, in relation to a CFC, means income brought into account in determining the CFC's trading profits for the accounting period in question,
“trading profits”, in relation to a CFC, means any profits included in the CFC's assumed total profits for the accounting period in question on the basis that they would be chargeable to corporation tax under Part 3 of CTA 2009 (trading income),
“UK connected capital contribution”, in relation to a CFC, means any capital contribution to the CFC made (directly or indirectly) by a UK resident company connected with the CFC (whether in relation to an issue of shares in the CFC or otherwise), and
“UK permanent establishment”, in relation to a non-UK resident company, means a permanent establishment which the company has in the United Kingdom and through which it carries on a trade in the United Kingdom.