Corporation Tax Act 2010 section 1048

Sections 1033 to 1047: other interpretation

Section 1048 provides key definitions and interpretive rules that apply throughout the provisions dealing with the purchase by unquoted trading companies of their own shares (sections 1033 to 1047).

• Specific definitions apply to terms such as "holding company", "trading company", "trading group", "quoted company" and "unquoted company", with "trade" excluding dealing in shares, securities, land or futures
• A "trading group" means a company together with its 75% subsidiaries, whose combined business consists wholly or mainly of carrying on a trade or trades
• References to the owner of shares mean the beneficial owner, unless the shares are settled property or part of a deceased person's estate, in which case the owner is the trustees or personal representatives respectively
• References to payments made by a company are to be interpreted in accordance with the broader purchase-of-own-shares provisions in section 1033