Annex 1: Minor Changes in the Law Change 2: Trading income: omission of references to a company carrying on a profession or a vocation: section 35 (and other sections) The meaning of “company”
“Company” in the Tax Acts means “any body corporate or unincorporated association but does not include a partnership, a local authority or a local authority association” (section 832(1) of ICTA). This note accordingly looks at corporate bodies and then at unincorporated associations.
The definition in section 832(1) of ICTA is subject to:
	some qualifications that deal with particular topics; and
	a general proviso that the definition “does not apply where the context otherwise requires because some other definition of “company” applies”.
Both the qualifications and the general proviso are in section 832(2) of ICTA. They do not affect the discussion in this note.