{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-312D",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-312D.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/312D",
  "kind": "section",
  "number": "312D",
  "heading": "Section 312B: the trading requirement",
  "text": "(1) For the purposes of section 312B, a company meets the trading requirement if—\n(a) it is a trading company which is not a member of a group, or\n(b) it is a member of a trading group.\n(2) “Trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities.\n(3) “Trading group” means a group—\n(a) one or more of whose members carry on trading group activities, and\n(b) the activities of whose members, taken together, do not include to a substantial extent activities other than trading group activities.\n(4) In this section—\n“trading activities” means activities carried on by the company in the course of, or for the purposes of, a trade being carried on by it;\n“trading group activities” means activities carried on by a member of the group in the course of, or for the purposes of, a trade being carried on by any member of the group.\n(5) For the purposes of determining whether a company is a trading company or a member of a trading group—\n(a) the activities of the members of a group are to be treated as one business (with the result that activities are disregarded to the extent that they are intra-group activities), and\n(b) a business carried on by a company in partnership with one or more other persons is to be treated as not being a trading activity.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/312D",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}