Corporation Tax Act 2010 section 269

Minor definitions etc

Section 269 defines a number of terms and concepts used throughout the Community Investment Tax Relief (CITR) provisions, covering key definitions, share classification, market value, and how CITR references and future conditions are to be interpreted.

• A "body" includes an unincorporated association, and "bonus shares" means shares issued without any form of payment, whether in cash or otherwise.
• Shares in a company are only treated as being of the same class if they would be so treated were they included in the official UK list and admitted to trading on the London Stock Exchange.
• Market value of any asset is the price it could reasonably be expected to fetch on an open market sale, disregarding any security interest over the asset.
• References to CITR obtained, withdrawn, or reduced in respect of an investment include CITR dealt with at any time after the investor has disposed of that investment, and conditions that cannot yet be met are treated as met for the time being provided nothing has occurred to prevent them being met.