318Interpretation of Part 7U.K.
(1)In this Part—
“advantage”, in relation to any tax, means—
(a)relief or increased relief from, or repayment or increased repayment of, that tax, or the avoidance or reduction of a charge to that tax or an assessment to that tax or the avoidance of a possible assessment to that tax,
(b)the deferral of any payment of tax or the advancement of any repayment of tax, or
(c)the avoidance of any obligation to deduct or account for any tax;
[F1“ company ” has the meaning given by section 1121 of the Corporation Tax Act 2010;]
“corporation tax” includes any amount which, by virtue of any of the provisions mentioned in paragraph 1 of Schedule 18 to the Finance Act 1998 (c. 36) (company tax returns, assessments and related matters) is assessable and chargeable as if it were corporation tax;
[F2“HMRC” means the Commissioners for Her Majesty's Revenue and Customs;]
[F3“introducer”, in relation to a notifiable proposal, has the meaning given by section 307;
“make a firm approach” has the meaning given by section 307(4A);
“make a marketing contact” has the meaning given by section 307(4B);]
“notifiable arrangements” has the meaning given by section 306(1);
“notifiable proposal” has the meaning given by section 306(2);
“prescribed”, except in section 306, means prescribed by regulations made by the Board;
“promoter”, in relation to notifiable arrangements or a notifiable proposal, has the meaning given by section 307;
“reference number”, in relation to notifiable arrangements, has the meaning given by section 311(3);
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“tax” means—
[F7“trade” includes every venture in the nature of trade.]
[F8“tribunal” means the First-tier tribunal, or where determined by or under Tribunal Procedure Rules, the Upper Tribunal.]
F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 318(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(2)(a) (with Sch. 9 paras. 1-9, 22)
F2Words in s. 318(1) inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(8)(a) (with s. 108(10))
F3Words in s. 318(1) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 5; S.I. 2010/3019, art. 2
F4Words in s. 318(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 434(2)
F5Words in s. 318(1) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 35 para. 2(a)
F6Words in s. 318(1) inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 35 para. 2(b)
F7Words in s. 318(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(2)(b) (with Sch. 9 paras. 1-9, 22)
F8Words in s. 318(1) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 434(3)
F9S. 318(2) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(3), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)