Income Tax Act 2007

[F1837HInterpretation of ChapterU.K.

This section has no associated Explanatory Notes

(1)This section applies for the purposes of this Chapter.

(2)There is the permanent cessation of a company's trade if—

(a)the company ceases to carry on the trade, or

(b)the company ceases to be within the charge to corporation tax in respect of the trade,

whether or not the trade is in fact ceased.

(3)A company is insolvent at any time if at that time—

(a)it is unable to pay its debts as they fall due, or

(b)the value of its assets is less than the amount of its liabilities (including its contingent and prospective liabilities).

(4)Company” means—

(a)a company as defined in section 1(1) of the Companies Act 2006, or

(b)an unregistered company as defined in section 220 of the Insolvency Act 1986 or Article 184 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)).

(5)For the meaning of “deposit-taking trade” and “winding up receipt”, see sections 837B(3) and 837C(3) respectively.]

Textual Amendments

F1Pt. 14 Ch. 3A 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. 7 para. 71 (with Sch. 9 paras. 1-9, 22)