Section 1048 — Corporation Tax Act 2010: Sections 1033 to 1047: other interpretation

Sections 1033 to 1047: other interpretation 1048 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).