PART 2THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS
CHAPTER 3EXCEPTIONS ETC. FROM THE CHARGE TO TAX
Trading stock etc.26
1
No liability to tax arises under regulation 17 if condition A or B is met.
2
Condition A is that the interest in the fund is held as trading stock.
3
Condition B is that the disposal of the interest is taken into account in computing the profits of a trade.