Corporation Tax Act 2010 section 1119

The definitions

Section 1119 provides an alphabetical glossary of key terms used throughout the Corporation Tax Acts, ensuring consistent interpretation across the legislation.

• The section defines fundamental terms such as "accounting period", "company", "trade", "total profits", and "chargeable gain" that underpin the corporation tax framework.
• It clarifies the meaning of entity-related terms including "close company", "building society", "registered society", "investment trust", and subsidiary ownership thresholds (51%, 75%, and 90%).
• It establishes definitions for accounting and financial concepts such as "generally accepted accounting practice", "capital allowance", "loan relationship", "derivative contract", and "period of account".
• It provides meanings for residency, territorial, and procedural terms including "UK resident", "non-UK resident", "permanent establishment", "tax year", "financial year", and "tribunal".