Section 155 Interpretation.

In this Act, unless the context otherwise requires—

• “allowable loss” has the meaning given by section 29 above,

• “the Board” means the Commissioners of Inland Revenue,

• “chargeable gain” has the meaning given by section 28(2) above,

• “chargeable period” means a year of assessment or an accounting period of a company for purposes of corporation tax,

• “close company” has the meaning given by sections F1414 and 415 of the Taxes Act 1988,

• “company” includes any body corporate or unincorporated association but does not include a partnership, and shall be construed in accordance with section 93 above (application of Act to unit trusts),

• “control” shall be construed in accordance with section F2416 of the Taxes Act 1988,

• “inspector” means any inspector of taxes,

• “land” includes messuages, tenements, and hereditaments, houses and buildings of any tenure,

• F3“local authority” has the meaning given by section 842A of the Taxes Act 1988,

• “married woman living with her husband”: see subsection (2) below,

• “part disposal” has the meaning given by section 19(2) above,

• “personal representatives” has the meaning given by section 701(4) of the Taxes Act 1988,

• “quoted” on a stock exchange, or recognised stock exchange, in the United Kingdom: see subsection (3) below,

• F4“recognised stock exchange” has the meaning given by section 841 of the Taxes Act 1988,

• F5“the Taxes Act 1970” and “the Taxes Act 1988” mean the M1Income and Corporation Taxes Act 1970 and M2Income and Corporation Taxes Act 1988 respectively,

• “trade” has the same meaning as in the Income Tax Acts,

• “trading stock” has the meaning given by section 100(2) of the Taxes Act 1988,

• “wasting asset” has the meaning given by section 37 above and paragraph 1 of Schedule 3 to this Act,

• “year of assessment” means, in relation to capital gains tax, a year beginning on 6th April and ending on 5th April in the following calendar year, and “1979-80” and so on indicate years of assessment as in the Income Tax Acts.

In this Act “retail prices index” shall have the same meaning as in the Income Tax Acts and, accordingly, any reference in this Act to the retail prices index shall be construed in accordance with section 833(2) of the Taxes Act 1988.

References in this Act to a married woman living with her husband shall be construed in accordance with section F7282 of the Taxes Act 1988.

References in this Act to quotation on a stock exchange in the United Kingdom or a recognised stock exchange in the United Kingdom shall be construed as references to listing in the Official List of The Stock Exchange.

In this Act “recognised futures exchange” means the London International Financial Futures Exchange and any other futures exchange which is for the time being designated for the purposes of this Act by order made by the Board.

An order made by the Board under subsection (3A) above—

The Table below indexes other general definitions in this Act.

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