In this Act, unless the context otherwise requires—

• “the 1979 Act” means the M1Capital Gains Tax Act 1979;

• F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “allowable loss” shall be construed in accordance with sections 8(2)F10, 16F36, 16AF26, 261B, 261D and 263ZA;

• “the Board” means the Commissioners of Inland Revenue;

• “building society” has the same meaning as in the M2Building Societies Act 1986;

• F6“the Capital Allowances Act” means the Capital Allowances Act 2001;

• “chargeable period” means a year of assessment or an accounting period of a company for purposes of corporation tax;

• “class”, in relation to shares or securities, means a class of shares or securities of any one company;

• “close company” has the meaning given by sections 414 and 415 of the Taxes Act;

• “collective investment scheme” has the F8meaning given by section 235 of the Financial Services and Markets Act 2000F14(subject to section 99A);

• “company” includes any body corporate or unincorporated association but does not include a partnership, and shall be construed in accordance with F47sections 99 and 103A;

• “control” shall be construed in accordance with section 416 of the Taxes Act;

• F43“CTA 2009” means the Corporation Tax Act 2009;

• “double taxation relief arrangements” means, in relation to a company, arrangements having effect by virtue of section 788 of the Taxes Act and, in relation to any other person, means arrangements having effect by virtue of that section as extended to capital gains tax by section 277;

• “dual resident investing company” has the meaning given by section 404 of the Taxes Act;

• “inspector” means any inspector of taxes;

• “investment trust” has the meaning given by section 842 of the Taxes Act;

• F11“ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;

• F18“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;

• F27“ITA 2007” means the Income Tax Act 2007;

• “land” includes messuages, tenements, and hereditaments, houses and buildings of any tenure;

• “local authority” has the meaning given by F28section 999 of ITA 2007;

• “the Management Act” means the M3Taxes Management Act 1970;

• F29“net income” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007);

• “notice” means notice in writing;

• F9“period of account” has the meaning given by F30section 989 of ITA 2007;

• F13“permanent establishment”, in relation to a company, has the meaning given by section 148 of the Finance Act 2003;

• F44“personal representatives” has the same meaning as in Chapter 3 of Part 10 of CTA 2009 (see section 968 of that Act);

• F7“property investment LLP” has the meaning given by F31section 1004 of ITA 2007;

• “recognised stock exchange” has the meaning given by F32section 1005 of ITA 2007;

• F23“registered pension scheme” has the meaning given by section 150(2) of the Finance Act 2004;

• F17“Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004);

• “shares” includes stock;

• F21“stepchild”, in relation to a civil partner, shall be construed in accordance with section 246 of the Civil Partnership Act 2004;

• “the Taxes Act” means the M4Income and Corporation Taxes Act 1988;

• “trade” has the same meaning as in the Income Tax Acts;

• “trading stock” has the meaning given by F45section 163 of CTA 2009;

• F42“the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal;

• F46“UK property business” means—

  1. a

     a UK property business within the meaning of the Income Tax Acts (see section 989 of ITA 2007), or

  2. b

     a UK property business within the meaning of the enactments relating to corporation tax (see section 834B of the Taxes Act);

• F1“venture capital trust” has F33the same meaning as in Part 6 of ITA 2007;

• “wasting asset” has the meaning given by section 44 and paragraph 1 of Schedule 8;

• F39“year of assessment” means tax year;

and any reference to a particular section, Part or Schedule is a reference to that section or Part of, or that Schedule to, this Act.

In this Act and other enactments relating to capital gains tax “tax year” means a year beginning on 6 April and ending on the following 5 April; and “the tax year 2008-09” means the tax year beginning on 6 April 2008 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way).

If any employment-related securities option would not otherwise be regarded as an option for the purposes of this Act, it shall be so regarded; and the acquisition of securities by an associated person pursuant to an employment-related securities option is to be treated for the purposes of this Act as the exercise of the option.

F20In this subsection “employment-related securities option” means a securities option within the meaning of Chapter 5 of Part 7 of ITEPA 2003 (see section 420(8) of that Act) to which that Chapter applies or would, apart from section 474 of that Act, apply (see section 471 of that Act); and other expressions used in this subsection and that Chapter have the same meaning in this subsection as in that Chapter.

In this Act “retail prices index” has the same meaning as in the Income Tax Acts and, accordingly, any reference in this Act to the retail prices index shall be construed in accordance with F35section 989 of ITA 2007.

References in this Act to F22an individual living with his spouse or civil partner shall be construed in accordance with F34section 1011 of ITA 2007.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For the purposes of this Act, shares or debentures comprised in any letter of allotment or similar instrument shall be treated as issued unless the right to the shares or debentures thereby conferred remains provisional until accepted and there has been no acceptance.

References in this Act to shares or securities which are listed on a recognised stock exchange shall be construed in accordance with subsections (3) and (4) of section 1005 of ITA 2007.

References in this Act to shares or securities which are included in the official UK list shall be construed in accordance with subsection (5) of that section.

In this Act “recognised futures exchange” means the London International Financial Futures Exchange and any other futures exchange which is for the time being designated for the purposes of this Act by order made by the Board.

In the application of this Act to Scotland “surrender” includes renunciation.

For the purposes of this Act, a person is Treaty non-resident at any time if, at that time, he falls to be regarded as resident in a territory outside the United Kingdom for the purposes of double taxation relief arrangements having effect at that time.

The Table below indexes other general definitions in this Act.