Regulation 3 Meaning of “business”I1
United Kingdom
In these Regulations “business” means—
(a)
a company;
(b)
a partnership; or
(c)
any person whose profits are charged to income tax, otherwise than by virtue of his being a partner—
(i)
as trading income under Part 2 of ITTOIA 2005 (trading income), or
(ii)
as property income under section 268 of ITTOIA 2005 (charge to tax on profits of a property business).