C1Part 23Company distributions
Chapter 3Matters which are not distributions
Purchase of own shares: supplementary
1048Sections 1033 to 1047: other interpretation
1
In sections 1033 to 1047—
“holding company” means a company whose business (ignoring any trade carried on by it) consists wholly or mainly of holding shares or securities of one or more companies which are its 75% subsidiaries,
“quoted company” means a company whose shares (or any class of whose shares) are listed in the official list of a stock exchange,
“shares” includes stock,
“trade” does not include dealing in shares, securities, land or futures,
“trading company” means a company whose business consists wholly or mainly of carrying on a trade or trades,
“trading group” means a group the business of whose members (taken together) consists wholly or mainly of carrying on a trade or trades, and
“unquoted company” means a company which is neither a quoted company nor a 51% subsidiary of a quoted company.
2
In the definition of “trading group” in subsection (1) “group” means a company which has one or more 75% subsidiaries, together with those subsidiaries.
3
References in sections 1033 to 1047 to the owner of shares are to the beneficial owner except where the shares—
a
are settled property, or
b
are comprised in the estate of a person who has died.
In such cases the references are to the trustees of the settlement or, as the case may be, the deceased's personal representatives.
4
References in sections 1033 to 1047 to a payment made by a company are to be read in accordance with section 1033(6).
Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)