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The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);

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Share certificates and a company register (requires MS-Word file reader).

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Income Tax (Trading and Other Income) Act 2005
2005 Chapter 5 - continued
SCHEDULE 4, ABBREVIATIONS AND DEFINED EXPRESSIONS - continued

back to previous text
 
 PART 2
 INDEX OF EXPRESSIONS DEFINED IN THIS ACT ETC.
 
 
absolute interest (for the purposes of Chapter 6 of Part 5)
 
section 650(1)
 
accounting date (in Chapter 15 of Part 2)
 
section 197
 
accounting period
 
sections 12 and 834(1) of ICTA
 
acquisition expenditure (in Chapter 9 of Part 2)
 
section 130(3)
 
adjustment expense (in Chapter 17 of Part 2)
 
section 228(3)
 
adjustment expense (in Chapter 7 of Part 3)
 
section 330(3)
 
adjustment income (in Chapter 17 of Part 2)
 
section 228(2)
 
adjustment income (in Chapter 7 of Part 3)
 
section 330(2)
 
the administration period (in Chapter 6 of Part 5)
 
section 653(1)
 
the aggregate income of the estate (for the purposes of Chapter 6 of Part 5)
 
section 664(1)
 
the amount of premiums paid (in Chapter 9 of Part 4)
 
section 545(3)
 
animal (in Chapter 8 of Part 2)
 
section 112(1)
 
animal being added to a herd (in Chapter 8 of Part 2)
 
section 112(6)
 
animals in a herd or part of a herd (for the purposes of Chapter 8 of Part 2)
 
section 112(3) to (5)
 
assignment (in the application of the Act to Scotland)
 
section 879(1)
 
assignment (of part or share in rights under a policy or contract) (in Chapter 9 of Part 4)
 
section 505(2)
 
assignment (of whole of rights under a policy or contract) (in Chapter 9 of Part 4)
 
section 505(2)
 
assumed income entitlement (for the purposes of Chapter 6 of Part 5)
 
section 665(2), (3)
 
authorised unit trust
 
section 832(1) of ICTA
 
averaging claim (in Chapter 16 of Part 2)
 
section 221(1)
 
bank arrangement (in Chapter 4 of Part 6)
 
section 704(4)(a)
 
the basic amount (in relation to estate income) (in Chapter 6 of Part 5)
 
section 656(4)
 
basic rate
 
section 832(1) of ICTA
 
basic relieving amount by reference to a taxed receipt (in Chapter 4 of Part 3)
 
sections 288(4), 289(2), (4)
 
the Board of Inland Revenue
 
section 878(1)
 
body of persons
 
section 832(1) of ICTA
 
building society
 
section 832(1) of ICTA
 
building society arrangement (in Chapter 4 of Part 6)
 
section 704(5)(a)
 
calculation event (in Chapter 9 of Part 4)
 
section 491(4)
 
capital allowance
 
section 832(1) of ICTA
 
capital cost of patent rights (in Chapter 2 of Part 5)
 
section 588(4)
 
capital redemption policy (in Chapter 9 of Part 4)
 
section 473(2)
 
capital sums (in Chapter 2 of Part 5)
 
section 608
 
capital sums included in the proceeds of sale (in relation to the exchange of property) (in Chapter 2 of Part 5)
 
section 605(5)
 
caravan
 
section 875
 
certified master version (in Chapter 9 of Part 2)
 
section 132(3)
 
certified SAYE savings arrangement (in Chapter 4 of Part 6)
 
section 703(1)
 
chargeable event (in Chapter 9 of Part 4)
 
section 484
 
chargeable period
 
section 832(1) of ICTA
 
charitable trust (in Chapter 9 of Part 4)
 
section 545(1)
 
charity
 
section 878(1)
 
child
 
section 832(5) of ICTA
 
claim
 
section 878(3)
 
close company
 
sections 414 and 415 of ICTA
 
commercial letting of furnished holiday accommodation (for purposes of Chapter 6 of Part 3)
 
sections 323 to 326
 
company
 
section 832(1) of ICTA
 
company (for all purposes in the Income Tax Acts)
 
section 863(2)(c)
 
connected (in the context of "connected person" or one person being "connected" with another)
 
section 839 of ICTA (see section 878(5) of this Act)
 
consideration received for disposal of know-how (for purposes of Chapter 14 of Part 2)
 
section 192(3), (4)
 
contract of insurance (in Chapter 9 of Part 4)
 
section 545(1)
 
control (in relation to a body corporate)
 
section 840 of ICTA (see section 878(6) of this Act)
 
corporation tax receipt (in Chapter 4 of Part 3)
 
section 296(1)
 
coupons (in Chapter 13 of Part 4)
 
section 571(3)
 
deeply discounted security (for the purposes of Chapter 8 of Part 4)
 
sections 430 to 443(1)
 
deposit rights (in Chapter 11 of Part 4)
 
section 552
 
discretionary interest (for the purposes of Chapter 6 of Part 5)
 
section 650(3)
 
disposal of a deeply discounted security (in Chapter 8 of Part 4)
 
section 437(1)
 
distribution
 
section 832(1) of ICTA
 
the dividend ordinary rate
 
section 832(1) of ICTA
 
the dividend trust rate
 
section 832(1) of ICTA
 
the dividend upper rate
 
section 832(1) of ICTA
 
dividends (in Chapter 3 of Part 4)
 
section 382(4)
 
dividends (in Chapter 4 of Part 4)
 
section 402(4)
 
election
 
section 878(3)
 
employment income
 
section 7(2) of ITEPA 2003
 
estate (in Chapter 6 of Part 5)
 
section 649(2)
 
estate income (in Chapter 6 of Part 5)
 
section 649(2)
 
estate in land (in relation to any land in Scotland)
 
section 832(1) of ICTA
 
European authorised institution (in Chapter 4 of Part 6)
 
section 704(6)
 
European authorised institution arrangement (in Chapter 4 of Part 6)
 
section 704(6)
 
excess event (in Chapter 9 of Part 4)
 
section 491(4)
 
excluded indexed security (in Chapter 8 of Part 4)
 
section 433(1)
 
the exemption condition (in Chapter 6 of Part 6)
 
section 713(3)
 
farmers (in Chapter 8 of Part 2)
 
section 111(3)
 
farming
 
section 876
 
film (in Chapter 9 of Part 2)
 
section 131
 
final insurance year (in Chapter 9 of Part 4)
 
section 499(4), (5)
 
the final tax year (in Chapter 6 of Part 5)
 
section 653(3)
 
firm
 
sections 847(1) and 863
 
firm (for all purposes in the Income Tax Acts)
 
section 863(2)(a)
 
for accounting purposes
 
section 832(1) of ICTA
 
foreign capital redemption policy (in Chapter 9 of Part 4)
 
section 476(3)
 
foreign estate (in Chapter 6 of Part 5)
 
section 651(1)
 
foreign holdings (in Chapter 13 of Part 4)
 
section 571(1)
 
foreign institution (in Chapter 9 of Part 4)
 
section 468(5)
 
foreign policy of life insurance (in Chapter 9 of Part 4)
 
section 476(3)
 
forestry
 
section 876(3)
 
foster-care receipts (in Chapter 2 of Part 7)
 
section 805
 
foster-care relief (in Chapter 2 of Part 7)
 
section 803(1)
 
FOTRA security (in Chapter 6 of Part 6)
 
section 713(2)
 
friendly society (in Chapter 9 of Part 4)
 
section 545(1)
 
future (in Chapter 12 of Part 4)
 
section 558(1)
 
generally accepted accounting practice
 
section 832(1) of ICTA and section 50 of FA 2004
 
generating income from land (in Chapter 3 of Part 3)
 
sections 266 and 267
 
gilt-edged security
 
section 153(1)
 
grossing up
 
section 877
 
group life policy (in Chapter 9 of Part 4)
 
section 480(2)
 
herd (in Chapter 8 of Part 2)
 
section 112(1)
 
herd basis election (in Chapter 8 of Part 2)
 
section 111(1)
 
herd basis rules (in Chapter 8 of Part 2)
 
section 111(2)
 
higher rate
 
section 832(1) of ICTA
 
houseboat
 
section 878(1)
 
income
 
section 878(1)
 
income arising under a settlement (in Chapter 5 of Part 5)
 
section 648
 
income arising under the settlement (in relation to a settlor) (in Chapter 5 of Part 5)
 
section 644(3)(b)
 
income period (in Chapter 2 of Part 7)
 
section 805(2) and (3)
 
individual's limit (in Chapter 1 of Part 7)
 
section 789
 
individual's limit (in Chapter 2 of Part 7)
 
section 808
 
the Inland Revenue
 
section 878(1)
 
institutional arrangement (in Chapter 4 of Part 6)
 
section 704(3)
 
insurance company (in Chapter 9 of Part 4)
 
section 545(1)
 
insurance year (in Chapter 9 of Part 4)
 
section 499(1), (3), (5)
 
interest
 
section 832(1) of ICTA
 
interest (in Chapter 4 of Part 6)
 
section 702(4)
 
international accounting standards
 
section 832(1) of ICTA and section 50(2) of FA 2004
 
investment plan regulations (in Chapter 3 of Part 6)
 
section 694(2)
 
investment trust
 
section 842 of ICTA
 
keeping a production herd (in Chapter 8 of Part 2)
 
section 111(4)
 
know-how (in Chapter 14 of Part 2)
 
section 192(1), (2)
 
know-how (in Chapter 2 of Part 5)
 
section 583(4), (5)
 
lease (in Part 3)
 
section 364(1)
 
letting (in Chapter 1 of Part 7)
 
section 802
 
life annuity (in Chapter 9 of Part 4)
 
section 473(2)
 
limited interest (for the purposes of Chapter 6 of Part 5)
 
section 650(2)
 
linked savings arrangement (in Chapter 4 of Part 6)
 
section 703(2)
 
local authority
 
section 842A of ICTA
 
lower rate
 
section 832(1) of ICTA
 
market gardening
 
section 876(5)
 
market value (in Chapter 8 of Part 4)
 
section 460(3)
 
market value (in Chapter 9 of Part 4)
 
section 545(1)
 
mature (in relation to female animals) (for the purposes of Chapter 8 of Part 2)
 
section 113(5)
 
members of a company (for all purposes in the Tax Acts)
 
section 863(2)(d)
 
members of a firm (for all purposes in the Income Tax Acts)
 
section 863(2)(b)
 
mineral lease or agreement (in Chapter 8 of Part 3)
 
section 341(1)
 
mineral royalties (in Chapter 8 of Part 3)
 
sections 341(2), 342, 343
 
mortgage (in the application of the Act to Scotland)
 
section 879(1)
 
national savings arrangement (in Chapter 4 of Part 6)
 
section 704(2)
 
non-charitable trust (in Chapter 9 of Part 4)
 
section 545(1)
 
non-trade business (in Chapter 3 of Part 5)
 
section 609(1)
 
non-UK resident (and references to a non-UK resident or a non-UK resident person)
 
section 878(1)
 
normal self-assessment filing date
 
section 878(1)
 
notice
 
section 832(1) of ICTA
 
oil and gas exploration and appraisal
 
section 837B of ICTA
 
option (in Chapter 12 of Part 4)
 
section 558(2)
 
ordinary share capital
 
section 832(1) of ICTA
 
original master version (in Chapter 9 of Part 2)
 
section 132(1), (2)
 
overlap period (in Chapter 15 of Part 2)
 
section 204
 
overlap profit (in Chapter 15 of Part 2)
 
section 204
 
overseas life assurance business (in Chapter 9 of Part 4)
 
section 476(3)
 
overseas property business
 
Chapter 2 of Part 3
 
overseas property income (in Chapter 11 of Part 3)
 
section 358
 
part surrender or assignment event (in Chapter 9 of Part 4)
 
section 491(4)
 
patent rights (in Chapter 2 of Part 5)
 
section 587(4)
 
period of account
 
section 832(1) of ICTA
 
permanent establishment
 
section 832(1) of ICTA and section 148 of FA 2003
 
person to whom the remittance basis applies
 
section 878(2)
 
person creating trusts (for the purposes of Chapter 9 of Part 4)
 
section 465(6)
 
personal portfolio bond (in Chapter 9 of Part 4)
 
sections 516, 517
 
personal portfolio bond event (in Chapter 9 of Part 4)
 
section 491(4)
 
personal representatives
 
section 878(1)
 
plan managers (in Chapter 3 of Part 6)
 
section 696(2)
 
policy (in Chapter 9 of Part 4)
 
section 545(1)
 
post-cessation receipt (in Part 2)
 
sections 246 and 247
 
post-cessation receipt (in Chapter 10 of Part 3)
 
sections 353 and 354
 
preliminary expenditure (in Chapter 9 of Part 2)
 
section 130(6)
 
premises (in Part 3)
 
section 364(2)
 
premium (in Chapter 4 of Part 3)
 
section 307(1), (3)
 
premium (in Chapter 9 of Part 4)
 
section 545(2)
 
the price (in relation to the exchange of know-how) (in Chapter 14 of Part 2)
 
section 192(6)
 
the price (in relation to the exchange of property) (in Chapter 2 of Part 5)
 
section 605(4)
 
proceeds of sale (in relation to the exchange of know-how) (in Chapter 14 of Part 2)
 
section 192(6)
 
proceeds of sale (in relation to the exchange of property) (in Chapter 2 of Part 5)
 
section 605(4)
 
production expenditure (in Chapter 9 of Part 2)
 
section 130(2)
 
production herd (in Chapter 8 of Part 2)
 
section 112(1), (2)
 
production herd (of the same class) (for the purposes of Chapter 8 of Part 2)
 
section 113(2)
 
profits from a trade, profession or vocation (for the purposes of Chapter 16 of Part 2)
 
section 221(4), (5)
 
profits or gains
 
section 833(1) of ICTA
 
any prohibitive rule (in Chapter 9 of Part 2)
 
section 130(7)
 
property business
 
section 263(6)
 
property comprised in a settlement (in relation to a settlor) (in Chapter 5 of Part 5)
 
section 644(3)(a)
 
property or rights held on trust or on trusts (in the application of the Act to Scotland)
 
section 879(2)
 
provider (in relation to a bank arrangement) (in Chapter 4 of Part 6)
 
section 704(4)(b)
 
provider (in relation to a building society arrangement) (in Chapter 4 of Part 6)
 
section 704(5)(b)
 
provider (in relation to a European authorised institution arrangement) (in Chapter 4 of Part 6)
 
section 704(6)
 
provides foster care (and related expressions) (in Chapter 2 of Part 7)
 
section 806
 
public body (in Chapter 2 of Part 5)
 
section 603(2)
 
purchased life annuity (in Chapter 7 of Part 4)
 
section 423
 
qualifying distribution
 
section 832(1) of ICTA
 
qualifying policy
 
section 832(1) of ICTA
 
qualifying trade, profession or vocation (in Chapter 16 of Part 2)
 
section 221(2)
 
the rate applicable to trusts
 
section 832(1) of ICTA
 
receipt period (of a receipt) (for the purposes of Chapter 4 of Part 3)
 
sections 288(6), 296(3)
 
receipts and expenses (in the context of the calculation of the profits of a trade, profession or vocation or of a property business) (in the Income Tax Acts)
 
section 27 (including as applied by section 272)
 
recognised futures exchange
 
section 558(3)
 
recognised stock exchange
 
section 841(1) of ICTA
 
reduction under section 288 by reference to a taxed receipt (in Chapter 4 of Part 3)
 
section 290(6)
 
reduction under section 37(2) or (3) of ICTA by reference to an amount chargeable on the superior interest (in Chapter 4 of Part 3)
 
section 297(2)
 
registered pension scheme
 
section 832(1) of ICTA and section 150(2) of FA 2004
 
related (in relation to a policy) (in Chapter 9 of Part 4)
 
section 491(6)
 
related transactions (in Chapter 12 of Part 4)
 
section 566
 
relevant allowance (in Chapter 1 of Part 7)
 
section 802
 
relevant balancing charge (in Chapter 1 of Part 7)
 
section 802
 
relevant foreign income
 
section 830
 
relevant period (in Chapter 9 of Part 2)
 
section 133
 
the relevant profits (in Chapter 16 of Part 2)
 
section 221(1), (4), (5)
 
relevant telecommunication right (in Chapter 10 of Part 2)
 
section 146
 
rent receivable for a UK electric-line wayleave (in Chapter 9 of Part 3)
 
section 345
 
rent receivable in connection with a UK section 12(4) concern (in Chapter 8 of Part 3)
 
section 336
 
rent (in Chapter 8 of Part 3)
 
section 336(3)
 
rent (in Chapter 9 of Part 3)
 
section 345(3)
 
rent-a-room receipts (in Chapter 1 of Part 7)
 
section 786
 
rent-a-room relief (in Chapter 1 of Part 7)
 
section 784
 
residence (in Chapter 1 of Part 7)
 
section 787
 
the residuary income of the estate (for the purposes of Chapter 6 of Part 5)
 
section 666(1)
 
retail prices index
 
section 833(2) of ICTA
 
return from one or more disposals (in Chapter 12 of Part 4)
 
section 561(1)
 
reversion (in the application of Chapter 4 of Part 3 to Scotland)
 
section 307(3)
 
sale of an animal (for the purposes of Chapter 8 of Part 2)
 
section 113(3)
 
sale of know-how (for purposes of Chapter 14 of Part 2)
 
sections 192(5)
 
sale of property (in Chapter 2 of Part 5)
 
sections 605(1), 606(1)
 
sale or transfer of trading stock (in Chapter 12 of Part 2)
 
section 174(3)
 
sale proceeds of an animal (for the purposes of Chapter 8 of Part 2)
 
section 113(4)
 
Schedule A business
 
section 832(1) of ICTA
 
settlement (in Chapter 5 of Part 5)
 
section 620
 
settlor (in Chapter 5 of Part 5)
 
section 620(1)
 
settlor (for the purposes of Chapter 9 of Part 4)
 
section 465(6)
 
share (in Chapter 8 of Part 4)
 
section 460(1)
 
share of residuary income of estate (for the purposes of Chapter 6 of Part 5)
 
section 667
 
short-term lease (in Chapter 4 of Part 3)
 
section 276(6)
 
starting rate
 
section 832(1) of ICTA
 
statutory insolvency arrangement (in Part 2)
 
section 259
 
stock dividend income (in Chapter 5 of Part 4)
 
section 409(2)
 
strip (in Chapter 8 of Part 4)
 
section 444
 
substantial part of a herd (for purposes of Chapter 8 of Part 2)
 
section 113(6)
 
surrender (in the application of the Act to Scotland)
 
section 879(1)
 
tax advantage (in Chapter 8 of Part 4)
 
section 460(2)
 
tax year
 
section 878(1)
 
the tax year 2005-06 etc.
 
section 878(1)
 
taxed lease (in Chapter 4 of Part 3)
 
section 287(4)
 
taxed receipt (in Chapter 4 of Part 3)
 
section 287(4)
 
taxpayer (in Chapter 16 of Part 2)
 
section 221(1)
 
total income
 
section 835(1) of ICTA
 
total foster-care receipts (in Chapter 2 of Part 7)
 
section 807
 
total rent-a-room amount (in Chapter 1 of Part 7)
 
section 788
 
trade
 
section 832(1) of ICTA
 
trading stock (in relation to a trade) (in Chapter 12 of Part 2)
 
section 174
 
transfer of work in progress (in Chapter 12 of Part 2)
 
section 183(2)
 
trusts an individual created (for the purposes of Chapter 9 of Part 4)
 
section 465(6)
 
UK estate (in Chapter 6 of Part 5)
 
section 651(1)
 
UK property business
 
Chapter 2 of Part 3
 
UK resident (and references to a UK resident or a UK resident person)
 
section 878(1)
 
Ulster Savings Certificates
 
section 693(7)
 
unit holder
 
section 832(1) of ICTA
 
unit trust scheme
 
section 832(1) of ICTA
 
United Kingdom
 
section 830(1) of ICTA
 
unreduced amount (of a taxed receipt) (in Chapter 4 of Part 3)
 
sections 290(2) to (4), 296(4) to (6)
 
unused amount (of a taxed receipt) (for the purposes of Chapter 4 of Part 3)
 
section 290(1), (5)
 
venture capital trust
 
section 842AA(1) of ICTA
 
within the charge to tax
 
section 832(1) of ICTA
 
woodlands
 
section 876(4)
 
work in progress (in Chapter 12 of Part 2)
 
section 183(1)
 previous sectioncontents
 
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