Corporation Tax Act 2009 section 476

Other definitions

Section 476 provides a glossary of key terms used throughout Part 5 of the Corporation Tax Act 2009, which deals with the taxation of loan relationships.

• Accounting and financial reporting terms such as "accounting policy", "fair value", "equity instrument", and various financial statements take their meaning from generally accepted accounting practice
• Loan relationship-specific terms are defined, including "debt" (which covers variable amounts), "impairment" (including uncollectability), "impairment loss", "release debit", and the distinction between "non-trading credits" and "non-trading debits"
• "Share" means a share carrying an entitlement to distributions but excludes building society shares, while "loan" includes any advance of money and "gilt-edged securities" follows the capital gains tax definition
• An "international organisation" is one whose members are two or more sovereign powers or their governments, and a certificate from the Secretary of State on that question is treated as conclusive evidence