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Finance Act 2015

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This is the original version (as it was originally enacted).

114Other defined terms in Part 3

This section has no associated Explanatory Notes

(1)In this Part—

  • “allowable expenses” means expenses of a kind in respect of which a deduction would be allowed for corporation tax purposes;

  • “the avoided PE” has the same meaning as in section 86;

  • “company” has the same meaning as in the Corporation Tax Acts (see section 1121 of CTA 2010);

  • “connected” is to be read in accordance with sections 1122 and 1123 of CTA 2010;

  • “designated HMRC officer” means an officer of Revenue and Customs who has been designated by the Commissioners for Her Majesty’s Revenue and Customs for the purposes of diverted profits tax;

  • “HMRC” means Her Majesty’s Revenue and Customs;

  • “non-UK resident” has the same meaning as in the Corporation Tax Acts (see section 1119 of CTA 2010);

  • “non-UK tax” has the meaning given by section 187 of CTA 2010;

  • “the notional PE profits” has the meaning given by section 88(5);

  • “partnership” includes—

    (a)

    a limited liability partnership to which section 1273 of CTA 2009 applies, and

    (b)

    an entity established under the law of a territory outside the United Kingdom of a similar character to a partnership,

    and “member” of a partnership is to be read accordingly;

  • “permanent establishment”, in relation to a company, has the meaning given by Chapter 2 of Part 24 of CTA 2010 (and accordingly section 1141(1) of that Act has effect, for the purposes of this Part, as if the reference to the Corporation Tax Acts included a reference to this Part);

  • “small or medium-sized enterprise” means a small enterprise, or a medium-sized enterprise, within the meaning of section 172 of TIOPA 2010;

  • “the review period” has the meaning given by section 101;

  • “the tax reduction” has the meaning given by section 107(4);

  • UK resident” has the same meaning as in the Corporation Tax Acts (see section 1119 of CTA 2010);

  • UKPE” has the same meaning as in section 81.

(2)For the purposes of this Part a tax may correspond to corporation tax even though—

(a)it is chargeable under the law of a province, state or other part of a country, or

(b)it is levied by or on behalf of a municipality or other local body.

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