Corporation Tax Act 2010 section 1165

Other interpretation

Section 1165 defines key terms used in the investment trust chapter, specifically the meanings of "company", "shares", and "scheme of reconstruction".

• The term "company" follows the standard Corporation Tax Act definition, which excludes local authorities and local authority associations — entities that would never be relevant to investment trusts in any case.
• References to "company" in the investment trust chapter are also read in accordance with the capital gains tax rules under section 99 of the Taxation of Chargeable Gains Act.
• The term "shares" and "scheme of reconstruction" are also given specific defined meanings for use throughout the investment trust provisions.
• These definitions ensure consistency across the investment trust rules and align with both corporation tax and capital gains tax legislation.