Taxation of Chargeable Gains Act 1992

1 (1) This paragraph and paragraphs 2 and 3 below have effect for the purposes of this Schedule and sections 163 and 164. U.K.

(2) In the provisions referred to above—

• “commercial association of companies” means a company together with such of its associated companies, within the meaning of section 416 of the Taxes Act, as carry on businesses which are of such a nature that the businesses of the company and the associated companies taken together may be reasonably considered to make up a single composite undertaking;

• F1 . . .

• F1 . . .

• [F2 “full-time working officer or employee”, in relation to one or more companies, means any officer or employee who is required to devote substantially the whole of his time to the service of that company, or those companies taken together, in a managerial or technical capacity;]

• “group of companies” means a company which has one or more 51 per cent. subsidiaries, together with those subsidiaries;

• “holding company” means a company whose business (disregarding any trade carried on by it) consists wholly or mainly of the holding of shares or securities of one or more companies which are its 51 per cent. subsidiaries;

• “permitted period” means a period of one year or such longer period as the Board may, in any particular case, by notice allow;

• [F3 “personal company”, in relation to an individual, means any company the voting rights in which are exercisable, as to not less than 5 per cent., by that individual;]

• “trade”, “profession”, “vocation”, “office” and “employment” have the same meaning as in the Income Tax Acts;

• “trading company” means a company whose business consists wholly or mainly of the carrying on of a trade or trades;

• “trading group” means a group of companies the business of whose members, taken together, consists wholly or mainly of the carrying on of a trade or trades.

F4 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Definitions in Sch. 6 para. 1(2) repealed (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 23 Pt.III, Table (7) Note

F2 Definition in Sch. 6 para. 1(2) substituted (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 7 para. 2(4)

F3 Definition in Sch. 6 para. 1(2) inserted (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 7 para. 1(2)

F4 Sch. 6 para. 1(3)(4) repealed (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 23 Pt.III, Table (7) Note