Income Tax Act 2007 section 992

Meaning of "company"

Section 992 defines what the term "company" means for the purposes of the Income Tax Acts, including what it excludes and where the definition does not apply.

• "Company" means any body corporate or unincorporated association, but specifically excludes partnerships, local authorities, and local authority associations
• Authorised unit trusts are treated as UK resident companies under section 617 of the Corporation Tax Act 2010, and this must be read alongside the definition
• The definition does not apply to venture capital trusts (Part 6), certain transactions in securities, land, and sales of occupation income (Chapters 1, 3, and 4 of Part 13), or the connected persons rules (sections 993 and 994)
• The section is derived from the earlier provisions in section 832(1) and (2) of the Income and Corporation Taxes Act 1988