577 Other definitionsU.K.
(1)In this Act—
“dual resident investing company” has the same meaning as in section 404 of ICTA (limitation of group relief in relation to certain dual resident companies);
“market value”, in relation to any asset, means the price the asset would fetch in the open market;
“the normal time limit for amending a tax return”, in relation to a tax year, means the first anniversary of the 31st January following the tax year;
“notice” means a notice in writing;
“property business” means [F1a UK property business,] a Schedule A business or an overseas property business;
“ tax return ” has the meaning given by section 3(3);
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)Any reference to the setting up, commencement or permanent discontinuance of—
(a)a trade,
(b)a property business,
(c)a profession, or
(d)a vocation,
includes, except where the contrary is expressly provided, the occurring of an event which, under any provision of the Income Tax Acts or Corporation Tax Acts, is to be treated as equivalent to the setting up, commencement or permanent discontinuance of a trade, property business, profession or vocation.
(3)Any reference in this Act to an allowance made includes an allowance which would be made but for an insufficiency of profits, or other income, against which to make it.
(4)For the purposes of this Act a person obtains a tax advantage if he—
(a)obtains an allowance or a greater allowance, or
(b)avoids a charge or secures the reduction of a charge.
(5)In Schedule 1—
(a)Part 1 gives the meaning of abbreviated references in this Act to Acts about tax, and
(b)Part 2 lists where expressions used in this Act are defined or otherwise explained.
Textual Amendments
F1Words in s. 577(1) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 573 (with Sch. 2)
F2Words in s. 577(1) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 412(a), Sch. 3 Pt. 1 (with Sch. 2)
F3Words in s. 577(1) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 412(b), Sch. 3 Pt. 1 (with Sch. 2)