Section 231 Meaning of entity

United Kingdom

(1)

In this Part “entity” means—

(a)

a company, F1or

F2(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)

any F4... arrangement that results in the preparation of separate financial accounts in respect of the activities carried out under the arrangement F5(such as a partnership or trust).

(2)

An entity which is, or is part of, a national, regional or local government is not to be regarded as an entity for the purposes of this Part.

(3)

Sections 232 to 238 make further provision about entities including provision—

(a)

treating permanent establishments as entities,

(b)

defining various particular types of entities, and

(c)

about when entities are “tax transparent”.

Annotations

Textual amendments

F1: Word in s. 231(1) inserted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 56(1)(a)
F2: S. 231(1)(b) omitted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 12 para. 56(1)(b)
F3: S. 231(1)(c) omitted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 12 para. 56(1)(b)
F4: Word in s. 231(1)(d) omitted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 12 para. 56(1)(c)(i)
F5: Words in s. 231(1)(d) inserted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 56(1)(c)(ii)

Notes on Part 3

Modifications

C1: Pt. 3 modified (2.12.2025) by Finance Act 2026 (c. 11), Sch. 8 paras. 32, 53(3)