Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

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

• “control” has, in relation to a body corporate, the meaning given by section 840 of the Income and Corporation Taxes Act 1988;

• “the Directive” means the Directive of the Council of the European Communities dated 24th June 1988 No. 88/361/EEC;

• “the non-resident body corporate” means the body corporate which is not resident in the United Kingdom and created or issued shares or debentures, or the shares or debentures of which were transferred to any person, in the course of a relevant transaction;

• “the principal section” means section 765A of the Income and Corporation Taxes Act 1988;

• “relevant transaction” means a movement of capital which would be unlawful under section 765(1) of the Income and Corporation Taxes Act 1988^f1 if Article 1 of the Directive did not apply to it;

• “the resident body corporate” means the body corporate resident in the United Kingdom which has carried out a relevant transaction;

and any question whether a person is connected with another shall be determined in accordance with the like provisions as are contained in section 839(2) to (8) of the Income and Corporation Taxes Act 1988.