Section 257TE — Income Tax Act 2007: Minor definitions etc

Minor definitions etc 257TE 1 In this Part— “arrangements” (except as used, in sections 257LB and 257QK, in the expressions “issuing arrangements” and “repayment arrangements”) includes any scheme, arrangement or understanding of any kind, whether or not legally enforceable, involving a single transaction or two or more transactions, “ bonus shares ” means shares which are issued otherwise than for payment (whether in cash or otherwise), “ compliance statement ” has the meaning given by section 257PB, “director”—

is read in accordance with section 452 of CTA 2010 but as if “company” in that section included a charity that is a trust, and in relation to a charity that is a trust (but subject to section 257LF(9)), includes (in particular) each trustee of the trust, “ disposal ”, in relation to any shares or other investments, includes disposal of an interest or right in or over them, “ group ” means a parent company and its qualifying subsidiaries, “ group company ”, in relation to a group, means the parent company or any of its qualifying subsidiaries, “ ordinary shares ” means shares forming part of a company's ordinary share capital, “ parent company ” means a company that has one or more qualifying subsidiaries, “ qualifying subsidiary ” has the meaning given by section 257MU, and “ single company ” means a company that does not have any qualifying subsidiaries.

2 For the purposes of this Part, the market value at any time of any asset is the price which it might reasonably be expected to fetch on a sale at that time in the open market free from any interest or right which exists by way of security in or over it.