- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
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(1)The making and disposal of an investment for the purposes of an investment scheme are to be disregarded if—
(a)the investment is an unwanted short-term investment, and
(b)the unwanted short-term investment is excludable.
(2)An investment is an unwanted short-term investment where—
(a)the investment is made as part of a transaction under which one or more other investments are made for the purposes of the scheme,
(b)the value of the investment does not exceed that of the other investments taken together,
(c)it is reasonable to suppose that the investment had to be made in order for the other investments to be made,
(d)at the time the investment is made, managers of the scheme have a firm, settled and evidenced intention to dispose of the investment for the purposes of the scheme within the relevant period,
(e)the investment is disposed of for the purposes of the scheme within the relevant period, and
(f)any profit resulting from the disposal has no bearing on whether a sum of carried interest arises or on the amount of any sum of carried interest which does arise.
(3)An unwanted short-term investment is excludable if it constitutes—
(a)an investment in land,
(b)an investment in securities in an unlisted company,
(c)the making of a direct loan where the other investments specified in subsection (2)(b) are shares or other securities in an unlisted company, or
(d)the making of a direct loan which is a qualifying loan within the meaning given by section 809FZR(2).
(4)In subsection (2)(e) “relevant period” means—
(a)for an investment within subsection (3)(a), 12 months;
(b)for an investment within subsection (3)(b) or (c), 6 months;
(c)for an investment within subsection (3)(d), 120 days.
(5)But if at any time it becomes reasonable to suppose that, when the scheme ceases to invest, 25% or more of the capital of the investment scheme will have been invested in unwanted short-term investments which are excludable, subsection (1) does not apply to any investment made subsequently for the purposes of the scheme.]
Textual Amendments
F1Pt. 13 Ch. 5F inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2)
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