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Income Tax (Earnings and Pensions) Act 2003
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- UK Public General Acts
- 2003 c. 1
- Part 4
- CHAPTER 10A
- Section 312D
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Income Tax (Earnings and Pensions) Act 2003, Section 312D is up to date with all changes known to be in force on or before 02 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1312DSection 312B: the trading requirementU.K.
This section has no associated Explanatory Notes
(1)For the purposes of section 312B, a company meets the trading requirement if—
(a)it is a trading company which is not a member of a group, or
(b)it is a member of a trading group.
(2)“Trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities.
(3)“Trading group” means a group—
(a)one or more of whose members carry on trading group activities, and
(b)the activities of whose members, taken together, do not include to a substantial extent activities other than trading group activities.
(4)In this section—
“trading activities” means activities carried on by the company in the course of, or for the purposes of, a trade being carried on by it;
“trading group activities” means activities carried on by a member of the group in the course of, or for the purposes of, a trade being carried on by any member of the group.
(5)For the purposes of determining whether a company is a trading company or a member of a trading group—
(a)the activities of the members of a group are to be treated as one business (with the result that activities are disregarded to the extent that they are intra-group activities), and
(b)a business carried on by a company in partnership with one or more other persons is to be treated as not being a trading activity.]
Textual Amendments
F1Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5
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