Section 1121: “Company”
3221.This section defines “company”. It is based on section 832(1) and (2) of ICTA. The corresponding provision for income tax is in section 992 of ITA.
3222.Subsection (2) indicates that an “authorised unit trust” is treated as a company for specified purposes of the Corporation Tax Acts.
3223.The section does not rewrite the tail words of section 832(2) of ICTA as section 1118(4) fulfils the function, so far as now necessary (given the redundancy or repeal of some of the provisions mentioned in section 832(2) of ICTA), of ceding priority to a different definition.
3224.The reference to “sections 774 to 777” in the provisions listed in section 832(2) of ICTA implies the inclusion of sections 774A to 774G of ICTA. Those new sections were inserted by FA2006, i.e. after that list was drafted for ICTA in 1988. Those sections (rewritten in Chapter 2 of Part 16 of this Act) do not provide a bespoke definition of “company” nor did the drafter making the FA 2006 insertion provide that the exclusions in section 832(2) of ICTA should include those sections. Having regard to all that, and to give sensible effect in particular to the former section 774G(5) of ICTA (see section 774), the general definition in this section applies in those sections (so far as the use of the term in Chapter 2 of Part 16 of this Act needs a definition).