Income Tax (Trading and Other Income) Act 2005 section 460

Minor definitions

Section 460 provides definitions for three key terms — "share", "tax advantage", and "market value" — as used throughout this Chapter dealing with the taxation of loan relationships and related matters.

• A "share" means a share in a company carrying an entitlement to receive distributions, but specifically excludes shares in building societies.
• The term "tax advantage" takes its meaning from section 1139 of the Corporation Tax Act 2010.
• "Market value" follows the general capital gains tax definition found in sections 272 to 274 of the Taxation of Chargeable Gains Act 1992.
• There is a specific exception to the standard market value definition where gilt strips and similar instruments are concerned, for which section 450 provides a separate valuation rule.