A milling tool comprising a tool body having at least one insert pocket in which a cutting insert is retained, the cutting insert (10, 110) comprising: a top surface, an opposing bottom surface different from the top surface and a peripheral side surface extending between the top and bottom surfaces (12, 14), the peripheral side surface having N identical major sides, wherein N is an integer greater than 2 and each major side is located between and merges with an adjacent major side; a cutting edge associated with each major side, the cutting edge comprising a major cutting edge formed at the intersection of each major side and the top surface, an auxiliary cutting edge, and a corner cutting edge extending between the major and auxiliary cutting edge (28, 30); wherein: at least a section of the auxiliary cutting edge adjacent the corner cutting edge extends from the corner cutting edge in a direction towards a plane defined by the bottom surface; each cutting edge is formed at the intersection of a relief surface and a rake surface, the rake surface extending in an inward direction of the cutting insert from its associated cutting edge to a side surface of an associated major side, the rake surface comprises major and auxiliary rake surfaces (40, 42) with a corner rake surface extending therebetween and the relief surface comprises major and auxiliary relief surfaces (34, 36) with a corner relief surface extending therebetween; the corner, major and auxiliary cutting edges (26, 28, 30) are formed at the intersection of respective corner, major and auxiliary relief surfaces (32, 34, 36) with respective corner, major and auxiliary rake surfaces (38, 40, 42); and the cutting insert has θ° rotational symmetry about an insert axis passing through the top and bottom surfaces (12, 14), where θ=360°/N; wherein: each side surface of the cutting insert comprises two spaced apart tangential abutment regions and an axial abutment region; characterized in that the at least one insert pocket comprises adjacent side and rear walls (58, 60) generally transverse to a base, the rear wall being provided with two spaced apart protruding tangential location surfaces, and the side wall being provided with an axial location surface; the two spaced apart protruding tangential location surfaces of the insert pocket abut the two spaced apart tangential abutment regions on a first side surface of the cutting insert; and the axial location surface of the insert pocket abuts the axial abutment region on an adjacent second side surface of the cutting insert. a top surface, an opposing bottom surface different from the top surface and a peripheral side surface extending between the top and bottom surfaces (12, 14), the peripheral side surface having N identical major sides, wherein N is an integer greater than 2 and each major side is located between and merges with an adjacent major side; a cutting edge associated with each major side, the cutting edge comprising a major cutting edge formed at the intersection of each major side and the top surface, an auxiliary cutting edge, and a corner cutting edge extending between the major and auxiliary cutting edge (28, 30); at least a section of the auxiliary cutting edge adjacent the corner cutting edge extends from the corner cutting edge in a direction towards a plane defined by the bottom surface; each cutting edge is formed at the intersection of a relief surface and a rake surface, the rake surface extending in an inward direction of the cutting insert from its associated cutting edge to a side surface of an associated major side, the rake surface comprises major and auxiliary rake surfaces (40, 42) with a corner rake surface extending therebetween and the relief surface comprises major and auxiliary relief surfaces (34, 36) with a corner relief surface extending therebetween; the corner, major and auxiliary cutting edges (26, 28, 30) are formed at the intersection of respective corner, major and auxiliary relief surfaces (32, 34, 36) with respective corner, major and auxiliary rake surfaces (38, 40, 42); and the cutting insert has θ° rotational symmetry about an insert axis passing through the top and bottom surfaces (12, 14), where θ=360°/N; each side surface of the cutting insert comprises two spaced apart tangential abutment regions and an axial abutment region; characterized in that the at least one insert pocket comprises adjacent side and rear walls (58, 60) generally transverse to a base, the rear wall being provided with two spaced apart protruding tangential location surfaces, and the side wall being provided with an axial location surface; the two spaced apart protruding tangential location surfaces of the insert pocket abut the two spaced apart tangential abutment regions on a first side surface of the cutting insert; and the axial location surface of the insert pocket abuts the axial abutment region on an adjacent second side surface of the cutting insert.