(1)In this Part “entity” means—
(a)a company,
(b)a partnership,
(c)a trust, or
(d)any other arrangement that results in the preparation of separate financial accounts in respect of the activities carried out under the arrangement.
(2)An entity which is, or is part of, a national, regional or local government is not to be regarded as an entity for the purposes of this Part.
(3)Sections 232 to 238 make further provision about entities including provision—
(a)treating permanent establishments as entities,
(b)defining various particular types of entities, and
(c)about when entities are “tax transparent”.