CTM00510 - Introduction: basic definitions

Meaning of company, profits and income

The general definitions of 'company', 'profits' and 'income' in this guidance manual are set out below. However, a meaning may be different in particular circumstances. If so, the meaning should be clear from the context of the guidance, or will be spelt out in the relevant legislation.

• 'Company' normally means 'any body corporate or unincorporated association, but does not include a partnership, a local authority or a local authority association' (CTA10/S1121(1), formerly ICTA88/S832 (1)).
• 'Profits' and 'income' are used in their strict CT sense - see CTM01110.