Part 7 U.K.Disclosure of tax avoidance schemes

318 Interpretation of Part 7 U.K.

(1) In this Part—

• “advantage”, in relation to any tax, means—

  (a)

  relief or increased relief from, or repayment or increased repayment of, that tax, or the avoidance or reduction of a charge to that tax or an assessment to that tax or the avoidance of a possible assessment to that tax,

  (b)

  the deferral of any payment of tax or the advancement of any repayment of tax, or

  (c)

  the avoidance of any obligation to deduct or account for any tax;

• [F1 “company” has the meaning given by section 1121 of the Corporation Tax Act 2010;]

• “corporation tax” includes any amount which, by virtue of any of the provisions mentioned in paragraph 1 of Schedule 18 to the Finance Act 1998 (c. 36) (company tax returns, assessments and related matters) is assessable and chargeable as if it were corporation tax;

• [F2 “HMRC” means the Commissioners for Her Majesty's Revenue and Customs;]

• “notifiable arrangements” has the meaning given by section 306(1);

• “notifiable proposal” has the meaning given by section 306(2);

• “prescribed”, except in section 306, means prescribed by regulations made by the Board;

• “promoter”, in relation to notifiable arrangements or a notifiable proposal, has the meaning given by section 307;

• “reference number”, in relation to notifiable arrangements, has the meaning given by section 311(3);

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “tax” means—

  (a)

  income tax,

  (b)

  capital gains tax,

  (c)

  corporation tax,

  (d)

  petroleum revenue tax,

  (e)

  inheritance tax,

  (f)

  stamp duty land tax, or

  (g)

  stamp duty reserve tax.

• [F4 “trade” includes every venture in the nature of trade.]

• [F5 “tribunal” means the First-tier tribunal, or where determined by or under Tribunal Procedure Rules, the Upper Tribunal.]

F6 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in s. 318(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(2)(a) (with Sch. 9 paras. 1-9, 22)

F2 Words in s. 318(1) inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(8)(a) (with s. 108(10))

F3 Words in s. 318(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 434(2)

F4 Words in s. 318(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(2)(b) (with Sch. 9 paras. 1-9, 22)

F5 Words in s. 318(1) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 434(3)

F6 S. 318(2) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(3), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)