Part 4

Savings and investment income
Chapter 2

Interest

Other income taxed as interest

Interpretation of sections 373 and 374
375
1
In sections 373 and 374 and this section—
- “approved personal pension scheme” has the same meaning as in Chapter 4 of Part 14 of ICTA (see section 630(1) of that Act),
- “distribution” includes investment on behalf of an owner of shares in respect of the owner's accumulation shares,
- “distribution accounts” means the accounts showing how the total amount available for distribution to owners of shares is calculated,
- “distribution period” means the period by reference to which that amount is ascertained,
- “the OEIC Regulations” means the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154),
- “open-ended investment company” has the same meaning as in Chapter 3 of Part 12 of ICTA (unit trust schemes etc.) (see section 468(10) and (11) of ICTA, as inserted by regulation 10 of the OEIC Regulations),
- “owner of shares” has the same meaning as in that Chapter (see section 468(10) and (15) of that Act, as so inserted), and
- “
umbrella company
” has the meaning given by section 615 of CTA 2010.
2
In subsection (1) “accumulation share” means a share in respect of which income is credited periodically to the capital part of the company's scheme property.
3
In subsection (2) “scheme property” has the same meaning as in Chapter 3 of Part 12 of ICTA (unit trust schemes etc.) (see section 468(10) and (13) of ICTA, as inserted by regulation 10 of the OEIC Regulations).
Words in s. 375(1) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 452 (with Sch. 2)