Corporation Tax Act 2009 section 710

Other definitions

Section 710 provides a glossary of key terms used throughout Part 7 (derivative contracts), covering accounting concepts, financial instruments, and institutional definitions relevant to the tax treatment of derivatives.

• Defines accounting and financial reporting terms such as "accounting policy", "fair value", "fair value accounting", "income statement" and various equity statements, generally by reference to their standard accounting meanings
• Defines financial instruments and related terms including "shares", "warrant", "equity instrument", "depositary receipt", "derivative contract fair value" and "capital redemption policy"
• Defines institutional and regulatory terms such as "bank" (the Bank of England and certain authorised persons), "financial trader" (FCA-authorised dealers or HMRC-approved persons), and "open-ended investment company"
• Defines other terms including "contract of insurance", "contract of long-term insurance", "intangible fixed asset", "profit-sharing arrangements" and "designated", drawing on meanings established elsewhere in tax legislation or in accounting practice