# The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006, Regulation 3: Meaning of “business”

Extent: E+W+S+N.I.

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).

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Source: https://www.legislation.gov.uk/uksi/2006/1543/regulation/3 (the official version)
Page: https://openlegislation.uk/tax-avoidance-schemes-prescribed-descriptions-of-arrangements-regulations-2006/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.