Income Tax Act 2007 section 332

Minor definitions etc.

Section 332 provides a glossary of key terms used throughout the Venture Capital Trust (VCT) provisions in Part 6 of the Income Tax Act 2007.

• "Company" covers any body corporate or unincorporated association but specifically excludes partnerships, and includes unit trust schemes
• "Group" means a parent company together with its qualifying subsidiaries, and a "single company" is one with no qualifying subsidiaries
• "Associate", "director", and "research and development" each take their meanings from definitions elsewhere in tax legislation
• "Shares" includes stock, and "ordinary shares" means shares forming part of a company's ordinary share capital