(1)References in this Part to a company being “in administration” or “in receivership” are to be read as follows.
(2)A company is “in administration” if—
(a)it is in administration within the meaning of Schedule B1 to the Insolvency Act 1986 (c. 45) or Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
(b)there is in force in relation to it under the law of a country or territory outside the United Kingdom any appointment corresponding to an appointment of an administrator under either of those Schedules.
(3)A company is “in receivership” if there is in force in relation to it—
(a)an order for the appointment of an administrative receiver, a receiver and manager or a receiver under Chapter 1 or 2 of Part 3 of the Insolvency Act 1986 or Part 4 of the Insolvency (Northern Ireland) Order 1989, or
(b)any corresponding order under the law of a country or territory outside the United Kingdom.
In this Part—
“associate” has the meaning given by section 253,
“company” includes any body corporate or unincorporated association but does not include a partnership, and is to be read in accordance with section 99 of TCGA 1992 (unit trust schemes),
“director” is read in accordance with [F1section 452 of CTA 2010],
“group” means a parent company and its qualifying subsidiaries,
“group company”, in relation to a group, means the parent company or any of its qualifying subsidiaries,
“” means shares forming part of a company's ordinary share capital,
“parent company” means a company that has one or more qualifying subsidiaries and “single company” means a company that does not,
“research and development” has the meaning given by section 1006, and
“” includes stock.
Textual Amendments
F1Words in s. 332 substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 507 (with Sch. 2)